Company P Unadjusted Trial Balance As on May 31, 2019 Account Debit Credit Accounts No. Balances (S) Balances (S) 84,500 Cash 110 Accounts Receivable 112 245,875 Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation Store Equipment 115 583,950 15,200 16,800 116 117 118 13,800 123 569,500 56,700 63,150 124 Accounts Payable 210 Salaries Payable 211 Customers Refunds Payable Common Stock Retained Earnings 212 29,270 100,000 585,300 310 311 Dividends 312 135,000 Sales 410 5,376,205 Cost of Goods Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense 510 3,013,000 720,800 292,000 520 521 522 523 529 12,600 530 411,100 531 88,700 Insurance Expense Miscellaneous Administrative Expense Total 532 539 7,800 6,210,625 6,210,625 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. Merchandise 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 merchandise sold. Palisade Creek Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended May 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Store Supplies Store Equipment Accum. Depr.-Store Equip. Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise 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