Comprehensive Problem 2 Required: 1. Post the journal entries into the general ledger and update the balances in each account as you go. 2. After you posted and updated the balances in each account - Enter the unadjusted trial balance into the work sheet (be su 3. Post the adjusting entries to the general Ledger and update balances in each account as you go. 4. Enter the adjustments and the Adjusted Trial Balance into the corresponding sections of the worksheet 5. Prepare a multiple-step income statement. 6. Prepare a statement of stockholders' equity. Assume that additional common stock of $10,000 was issued in January 20) 7. Prepare a balance sheet. 8. Journalize the closing entries. Then post the closing entries to the general ledger . 9. Prepare a post-closing trial balance. Transactions: May 1 Paid rent for May, \$6,000. May 2 Sold merchandise on account to Korman Co., terms n/15, FOB shipping point, S68,500. The cost of the goods sold was $41,000. May 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, \$36, 000. May 4 Paid freight on purchase of May 3, $600. May 7 Received $22,300 cash from Halstad Co. on account. May 10 Sold merchandise with a list price of $61,500 to customers who used VISA and who redeemed $7,500 of point-of-sale coupons. The cost of the goods sold was 32,000. May 13 May 15 May 17 May 19 May 19 May 20 May 21 May 21 May 21 May 21 May 24 May 26 May 28 May 29 May 30 May 31 May 31 Paid for merchandise purchased on May 3. Paid advertising expense for last half of May, S12,000. Received cash from sale of May 2. Purchased merchandise for cash, $18,700. Paid $33,450 to Buttons C0. on account. Paid Korman Co a cash refund of $13,230 for retumed merchandise from sale of May 2. The cost of the returned merchandise was $8,000. Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000. Received $42,900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, S88,000. Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $57,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Turner C0, terms n/30, FOB shipping point, 578,750 . The cost of the goods sold was $47,000. Received cash from sale of May 21 plus freight. Paid for purchase of May 21, less return of May 24