Organized on May 1, 1999, Noah Cabinet Company engaged in the following transactions:

May 1 The stockholders invested \(\$ 900,000\) in this new business by purchasing capital stock 1 Purchased merchandise on account from String Company, \(\$ 46,800\); terms 3 Sold merchandise for cash, \(\$ 28,800\).

6 Paid transportation charges on May 1 purchase, \(\$ 1,440\) cash 7 Returned \(\$ 3,600\) of merchandise to String Company due to improper size.

10 Requested and received an allowance of \(\$ 1,800\) from String Company for improper quality of certain items.

14 Sold merchandise on account to Texas Company, \(\$ 18,000\); terms \(2 / 20, n / 30\), FOB shipping point, freight collect.

May 16 Issued cash refund for return of merchandise relating to sale made on May 3, \(\$ 180\).
18 Purchased merchandise on account from Tan Company invoiced at \(\$ 28,800\); terms \(2 / 15, \mathrm{n} / 30\), FOB shipping point, freight collect.
18 Received a bill for freight charges of \(\$ 900\) from Ball Trucking Company on the purchase from Tan Company.
19 Texas Company returned \(\$ 360\) of merchandise purchased on May 14.
24 Returned \(\$ 2,880\) of defective merchandise to Tan Company. Received full credit.
28 Texas Company remitted balance due on sale of May 14.
31 Paid Tan Company for the purchase of May 18 after adjusting for transaction of May 24.
31 Paid miscellaneous selling expenses of \(\$ 7,200\).
31 Paid miscellaneous administrative expenses of \(\$ 10,800\).

The May 31st inventory is \(\$ 57,600\).
From the data for Noah Cabinet Company:

a. Journalize the transactions. Round all amounts to the nearest dollar.

b. Post the entries to the proper ledger accounts. Use the account numbers appearing in the chart of accounts on the inside covers of the text. Assume all postings are from page 5 of the general journal. (There were no adjusting journal entries.)

c. Prepare a trial balance.

d. Prepare a classified income statement for the month ended May 31, 1999.