Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark (✓) in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal.
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 20Y7 (unless otherwise indicated), are as follows:110 Cash $ 83,600112 Accounts Receivable 233,900115 Merchandise Inventory 652,400117 Prepaid Insurance 16,800118 Store Supplies 11,400123 Store Equipment 569,500124 Accumulated Depreciation—Store Equipment 56,700210 Accounts Payable […]