Comprehensive Problem $2$

Transactions:

May $1$ Paid rent for May, $$5,000.$

May $2$ Sold merchandise on account to Korman Co$.,$ terms n$/15,$ FOB shipping point, $$68,500.$ The cost of

the goods sold was $$41,000.$

May $3$ Purchased merchandise on account from Martin Co$.,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point, $$36,000.$

May $4$ Paid freight on purchase of May $3,$$$600.$

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 $13$ Paid for merchandise purchased on May $3.$

May $15$ Paid advertising expense for last half of May, $$11,000.$

May $17$ Received cash from sale of May $2.$

May $20$ Paid Korman Co$.$ a cash refund of $$13,230$ for returned merchandise from sale of May $2.$ The cost

of the returned merchandise was $$8,000.$

May $21$ Sold merchandise on account to Crescent Co$.,$ terms n$/$eom$,$ FOB shipping point, $$110,000.$ The

cost of the goods sold was $$70,000.$

May $21$ For the convenience of Crescent Co$.,$ paid freight on sale of May $21,$ $$2,300.$

May $21$ Purchased merchandise on account from Osterman Co$.,$ terms $1/10,$ n$/30,$ FOB destination, $$88,000.$

May $24$ Returned damaged merchandise purchased on May $21,$ receiving a credit memo from the seller for $$5,000.$

May $28$ Paid sales salaries of $$56,000$ and office salaries of $$29,000.$

May $29,$ Purchased store supplies for cash, $$2,400.$

May $31$ Received cash from sale of May $21$ plus freight.

May $31$ Paid for purchase of May $21,$ less return of May $24.$

Required:

$1.$ Post transactions from the journal to the ledger

$2.$ Prepare the Unadjusted Trial Balance in the Worksheet $($total debits$/$credits should be: $$5,676,870)$

$3.$ Post Ajusting entries into the ledger

$4.$ Prepared adjustments and the Adjusted Trial balance in the worksheet $($Total Debits$/$Credits should be $$5,704,470)$

$5.$ Prepare Income Statement and Balance Sheet in the Worksheet $($Income should be $$550,650)$

$6.$ Prepare Income Statement, Stmt of Stockholders equity and Balance Sheet $($Total Assets in the balance sheet should be: $$972,920)$

$7.$ Prepare Closing Entries

$8.$ Prepare Post Closing Trial Balance $($total debits$/$credits should be: $$1,043,620)$

Need Help.