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Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's equity Total liabilities and owner's equity

Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225 3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's equity Total liabilities and owner's equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Will you help me prepare a balance sheet

Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225
Transcribed Image Text:Palisade Creek Co Adjusted Trail Balance May 31st 2019 Debit Credit Particulars Amount Amount Cash 84500 Accounts Receivable | Merchandise Inventory Estimated Retum Inventory Prepaid Insurance Stores Supplies Store Equipment Accumulated Dep- Store Equipment Accounts Payable Customer Refund Payable Salaries Payable |Lynn Tolley, Capital Lynn Tolley, Drawing 245875 570000 50200 4800 4000 569500 70700 63150 89270 13600 685300 135000 Sales 5316205 Cost of Merchandise sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Misc Selling Expense Office Salaries Expense Rent Expense Insurance Expense Misc Admin Expense 2991950 727800 292000 14000 9800 12600 417700 88700 12000 7800 6238225 6238225
3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's equity Total liabilities and owner's equity
Transcribed Image Text:3. Prepare a balance sheet. Palisade Creek Co. Balance Sheet May 31, 2019 Assets Current assets: Total current assets Property, plant and equipment: Total property, plant and equipment Total assets Liabilities Current liabilities: Total liabilities Owner's equity Total liabilities and owner's equity
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