Question

I need an unadjusted and adjusted trial balance for this problem please and thank you!

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows:

110	Cash	$ 83,600
112	Accounts Receivable	233,900
115	Merchandise Inventory	624,400
116	Estimated Returns Inventory	28,000
117	Prepaid Insurance	16,800
118	Store Supplies	11,400
123	Store Equipment	569,500
124	Accumulated Depreciation-Store Equipment	56,700
210	Accounts Payable	96,600
211	Customers Refunds Payable	50,000
212	Salaries Payable	—
310	Lynn Tolley, Capital, June 1, 2018	685,300
311	Lynn Tolley, Drawing	135,000
410	Sales	5,069,000
510	Cost of Merchandise Sold	2,823,000
520	Sales Salaries Expense	664,800
521	Advertising Expense	281,000
522	Depreciation Expense	—
523	Store Supplies Expense	—
529	Miscellaneous Selling Expense	12,600
530	Office Salaries Expense	382,100
531	Rent Expense	83,700
532	Insurance Expense	—
539	Miscellaneous Administrative Expense	7,800

During May, the last month of the fiscal year, the following transactions were completed:

Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

May	1	Paid rent for May, $5,000.
	3	Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
	4	Paid freight on purchase of May 3, $600.
	6	Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.
	7	Received $22,300 cash from Halstad Co. on account.
	10	Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
	13	Paid for merchandise purchased on May 3.
	15	Paid advertising expense for last half of May, $11,000.
	16	Received cash from sale of May 6.
	19	Purchased merchandise for cash, $18,700.
	19	Paid $33,450 to Buttons Co. on account.
	20	Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500, and the cost of the returned merchandise was $8,000.

Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

May	20	Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.
	21	For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
	21	Received $42,900 cash from Gee Co. on account.
	21	Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
	24	Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
	26	Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
	28	Paid sales salaries of $56,000 and office salaries of $29,000.
	29	Purchased store supplies for cash, $2,400.
	30	Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.
	30	Received cash from sale of May 20 plus freight paid on May 21.
	31	Paid for purchase of May 21, less return of May 24

Answer 1

Unadjusted Trial Balance
Cash	84500
Accounts Receivable	245,875
Merchandise Inventory	583,950
Estimated Returns Inventory	15,200
Prepaid Insurance	16,800
Store Supplies	13,800
Store Equipment	569,500
Accumulated Depreciation-Store Equipment		56700
Accounts Payable		63150
Customers Refunds Payable		29270
Salaries Payable
Lynn Tolley, Capital, June 1, 2018		685300
Lynn Tolley, Drawing	135,000
Sales		5376205
Cost of Merchandise Sold	3,013,000
Sales Salaries Expense	720,800
Advertising Expense	292000
Depreciation Expense
Store Supplies Expense
Miscellaneous Selling Expense	12,600
Office Salaries Expense	411,100
Rent Expense	88,700
Insurance Expense
Miscellaneous Administrative Expense	7,800
	6210625	6210625

Working

Date	Accounts	debit	Credit
May-01	Rent expense	5000
	cash		5000
May-03	Inventory	35280
	Accounts Payable-Martin Co.		35280
May-04	Inventory	600
	Cash		600
May-06	Accounts receivable	67130
	Sales		67130
	Cost of goods sold	41000
	Inventory		41000
May-07	Cash	22300
	Accounts Receivable-Halstad co.		22300
May-10	Cash	54000
	sales		54000
	Cost of goods sold	32000
	inventory		32000
May-13	Accounts payable-Martin Co.	35280
	cash		35280
May-15	Advertising expense	11000
	cash		11000
May-16	Cash	67130
	Accounts receivable-Korman Co.		67130
May-19	Inventory	18700
	cash		18700
May-19	Accounts payable-Buttons Co.	33450
	cash		33450
May-20	Customers refunds payable	13230
	cash		13230
	Inventory	8000
	Estimated returns inventory		8000
May-20	Accounts receivable-Crescent Co.	108900
	sales		108900
	Cost of goods sold	70000
	inventory		70000
May-21	Accounts receivable-Crescent Co.	2300
	cash		2300
May-21	Cash	42900
	Accounts receivable-gee Co.		42900
May-21	inventory	87120
	accounts payable-Osterman Co.		87120
May-24	Accounts payable-Osterman Co.	4950
	inventory		4950
May-26	Customers refunds payable	7500
	cash		7500
	Inventory	4800
	Estimated returns inventory		4800
May-28	Sales Salaries Expense	56000
	Office Salaries Expense	29000
	cash		85000
May-29	Store Supplies	2400
	cash		2400
May-30	Accounts receivable-Turner Co.	77175
	sales		77175
	Cost of goods sold	47000
	inventory		47000
May-30	Cash	111200
	Accounts receivable-Crescent Co.		111200
May-31	Accounts payable-Osterman Co.	82170
	Cash		82170