Reference no: EM13485840
Palisade Creek Co. is a merchandising business. The account balances for Palisade Creek Co. as of May 1, 2014 (unless otherwise indicated), are as follows:
Cases & Projects
During May, the last month of the fiscal year, the following transactions were completed:
Cases & Projects
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Instructions
Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark (?) in the Posting Reference column. Journalize the transactions for July, starting of the journal.
Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers.
Prepare an unadjusted trial balance.
At the end of May, the following adjustment data were assembled. Analyze and use these data to complete and .
Cases & Projects
(Optional.) Enter the unadjusted trial balance on a end-of-period spreadsheet (work sheet), and complete the spreadsheet.
Journalize and post the adjusting entries. Record the adjusting entries of the journal.
Prepare an adjusted trial balance.
Prepare an income statement, a statement of owner's equity, and a balance sheet.
Prepare and post the closing entries. Record the closing entries of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owner's capital account.