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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...

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Accounting

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018 , are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600 112 Accounts receivable 233,900 115 Inventory 624,400 116 Estimated retums inventory 28,000 117 Prepaid insurance 16,800 118 store supplies 11,400 123 Store equipment 569,500 124 Accumulated depreciation-store equipment 56,700 210 Accounts payable 96,600 211 Salaries payable 212 Customers refunds payable 50,000 100,000 310 Common stock 311 Retained earnings 312 Dividends 585,300 135,000 313 Income summary 410 Sales 5,069,000 510 Cost of goods sold 2,823,000 520 Sales salaries expense 66 4,800 521 Advertising expense 281,000 522 Depreciation expense 523 store supplies expense 529 Miscellaneous selling expense 12,600 530 Office salaries expense 382,100 531 Rent expense 83,700 532 Insurance expense 539 Miscellaneous administrative expense 7,800

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