110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns Inventory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment $83,600 312 Dividends 233,900 313 Income Summary 624,400 410 Sales 28,000 510 Cost of Goods Sold 16,800 520 Sales Salaries Expense 11,400 521 Advertising Expense 569,500 522 Depreciation Expense $135,000 5,069,000 2,823,000 664,800 281,000 Accumulated Depreciation- 124 56,700 523 Store Supplies Expense Store Equipment 210 Accounts Payable 96,600 529 Miscellaneous Selling Expense 12,600 211 Salaries Payable 530 Office Salaries Expense 382,100 212 Customers Refunds Payable 310 Common Stock 311 Retained Earnings 585,300 539 50,000 531 Rent Expense 100,000 532 Insurance Expense Miscellaneous Administrative Expense 83,700 7,800 Part 1: Journalize the transactions below for May, the last month of the fiscal year. For a compound transaction, if an amount box does not require an entry, leave it blank. Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger. Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. May 1: Paid rent for May, $5,000.