Optional work sheet Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet using the following adjustment data.
a. Inventory on May 31 $570,000
b. Insurance expired during the year 12,000
c. Store supplies on hand on May 31 4,000
d. Depreciation for the current year 14,000
e. Accrued salaries on May 31:
Sales salaries $7,000
Office salaries 6,600 13,600
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.
If an amount box does not require an entry, leave it blank. Palisade Creek Co. End-of-Period Spreadsheet (Work Sheet)For the Year Ended May 31, 2018Unadjusted Trial Trial BalanceIncome StatementBalance SheetAccount Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accum. Depr.-Store Equip. Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Admin. Expense Net Income part 7Comprehensive Problem 2Part 7:You must complete parts 1, 2, 3, 4 and 6 before completing part 7. Part 5 is the optional work sheet. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank. Palisade Creek Co. Adjusted Trial BalanceMay 31, 2018DebitCreditCash Accounts Receivable Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Customers Refunds Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense