1. Journalize the transactions of May with T accounts.

\begin{tabular}{|l|l|} \hline Date & Transaction \\ \hline May 1 & Paid rent for May \\ \hline May 2 & Sold merchandise on account to Korman Co.terms n/12FOB shipping point, $ 68,500 . The cost of the goods sold was $41,000. \\ \hline May 3 & Purchases merchandise on account from Martin Co, terms 2/10n/30FOB shipping point $36,000. \\ \hline \end{tabular}