1. open T accounts with the april 30tb balances as beginning amounts

2. journalize may transactions

3. Post may transactions to the T accounts

4. prepare trial balance

5. prepare income statement, statement of Retauned earnings for the 5 months ended may 31. prepare a classified balance sheet as of may 31.

6. prepare closing entry

7. post closing enteries

8. prepare a post closing trial balance

Olaf Distribution adjusts its books every quarter. The below balances exist as of April During May, Olaf Distribution completed the following merchandising transactions. May 1 Sold merchandise on account $4,500, terms 2/10,n/30. The cost of the merchandise sold was $3,200. 2 Purchased merchandise on account from Dakota Supply Co. $5,900, terms 2/10,n/30. 5 Received credit from Dakota Supply for merchandise returned $500 9 Paid the amount owed to Dakota Supply 10 Received collections on amount owed from customers billed on May 1. 17 Purchased merchandise from Skywalker Distributors $3,500, FOB shipping point, terms 1/15,n/30 19 Paid freight on May 17 purchase $100 24 Sold merchandise for cash $5,600. The merchandise sold had a cost of $3,500 25 Purchases merchandise for cash, \$2,300 27 Paid amount owed to Skywalker Distributors 29 Made refunds to cash customers for defective merchandise $900. The returned merchandise had a cost of $300