Can anybody help me with h\this accounting problem? I will give a good rating fast! thank you
May 1: Paid rent for May, $5,000. Date Description Post. Ref. Debit Credit May 1 May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Date Description Post. Ref. Debit Credit May 3 May 4: Paid freight on purchase of May 3, $600. Date Description Post. Ref. Debit Credit May 4 May 6: Sold merchandise on account to Kogan Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000. Date Description Post. Ref. Debit Credit May 6May 7: Received $22,300 cash from Halalag Co. on account. Date Description Post. Ref. Debit Credit May 7 May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,DO0. Date Description Post. Ref. Debit Credit May 10 May 13: Paid for merchandise purchased on May 3. Date Description Post. Ref. Debit Credit May 13 May 15: Paid advertising expense for last half of May, $11,000. Date Description Post. Ref. Debit Credit May 15May 16: Received cash from sale of May 6. Date Description Post. Ref. Debit Credit May 16 May 19: Purchased merchandise for cash, $18,700. Date Description Post. Ref. Debit Credit May 19 May 19: Paid $33,450 to Buttons Co. on account. Date Description Post. Ref. Debit Credit May 19 May 20: Paid Korg Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. Date Description Post. Ref. Debit Credit May 20May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. Date Description Post. Ref. Debit Credit May 20 May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Date Description Post. Ref. Debit Credit May 21 May 21: Received $42,900 cash from Gee Co. on account. Date Description Post. Ref. Debit Credit May 21 May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. Date Description Post. Ref. Debit Credit May 21May 24: Returned $5,000 of damaged merchandise purchased on May 21, receiving credit from the seller. Date Description Post. Ref. Debit Credit May 24 May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Date Description Post. Ref. Debit Credit May 26 May 28: Paid sales salaries of $56,000 and office salaries of $29,000. Date Description Post. Ref. Debit Credit May 26May 29: Purchased store supplies for cash, $2,400. Date Description Post. Ref. Debit Credit May 29 May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. Date Description Post. Ref. Debit Credit May 30 May 30: Received cash from sale of May 20 plus freight paid on May 21. Date Description Post. Ref. Debit Credit May 30 May 31: Paid for purchase of May 21, less return of May 24. Date Description Post. Ref. Debit Credit May 31Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 2018, are as follows. Assume all accounts have normal balances. Cash $83,600 Dividends $135,000 Accounts Receivable 233,000 Income Summary Inventory 624,400 Sale; 5,069,000 Estimated Retums Inventory 28,000 Cost of Goods Sold 2,823,000 Prepaid Insurance 16,800 Sale; Salaries Expense 664.000 Store Supplies 11,400 Adverb'sing Expense 281.000 Store Equipment 560,500 Depreciation Expense Accumulated Depreciation Store Equipment 56,200 Store Supplies Expense Accounts Payable 96,600 Miscellaneous Selling Expense 12.600 Salaries Payable Ofce Salaries Expense 382.100 Customers Refunds Payable 50,000 Rent Expense 83,?00 Common Stock 100,000 Insurance Expense Retained Earnings 585,300 Miscellaneous Administrative Expense 2.000 Part 1: Joumalize the transactions below for Hay, d'le last month of the scal 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 joumal entries from Part 1 to the general ledger. Extend the monthend balances to le 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
