composition problem 2 in the Accounting book 25th edition by warren

Comp. Prob. 2 – check figures         

Palisade Creek Co.

Unadjusted Trial Balance

May 31, 2014

                                                                                                       Debit                   Credit
                                                                                                   Balances            Balances

Cash..............................................................................                 84,500

Accounts Receivable...............................................               247,450

Merchandise Inventory............................................               561,950

Prepaid Insurance.....................................................                 16,800

Store Supplies............................................................                 13,800

Store Equipment........................................................               569,500

Accumulated Depreciation—Store Equipment.                                               56,700

Accounts Payable.....................................................                                               63,150

Salaries Payable........................................................                                                        —

Lynn Tolley, Capital..................................................                                             685,300

Lynn Tolley, Drawing...............................................               135,000

Sales.............................................................................                                          5,532,350

Sales Returns and Allowances..............................               113,700

Sales Discounts.........................................................                 61,600

Cost of Merchandise Sold.......................................            3,000,200

Sales Salaries Expense...........................................               720,800

Advertising Expense................................................               292,000

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                             

                                                                                                            6,337,500      6,337,500,

Comp. Prob. 2 – check figures         

PALISADE CREEK CO.

Adjusted Trial Balance

May 31, 2014

                                                                                                       Debit                     Credit
                                                                                                   Balances              Balances

Cash..............................................................................                 84,500

Accounts Receivable...............................................               247,450

Merchandise Inventory............................................               550,000

Prepaid Insurance.....................................................                    4,800

Store Supplies............................................................                    4,000

Store Equipment........................................................               569,500

Accumulated Depreciation—Store Equipment.                                               70,700

Accounts Payable.....................................................                                               63,150

Salaries Payable........................................................                                               13,600

Kevin Gilmour, Capital.............................................                                             685,300

Kevin Gilmour, Drawing...........................................               135,000

Sales.............................................................................                                          5,532,350

Sales Returns and Allowances..............................               113,700

Sales Discounts.........................................................                 61,600

Cost of Merchandise Sold.......................................            3,012,150

Sales Salaries Expense...........................................               727,800

Advertising Expense................................................               292,000

Depreciation Expense..............................................                 14,000

Store Supplies Expense..........................................                    9,800

Miscellaneous Selling Expense.............................                 12,600

Office Salaries Expense...........................................               417,700

Rent Expense.............................................................                 88,700

Insurance Expense...................................................                 12,000

Miscellaneous Administrative Expense..............                    7,800                             

                                                                                                   6,365,100            6,365,100

AFTER PAYMENT ENTER PASSWORD : "SHIV" TO UNLOCK THE SOLUTION

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