Continuing Problem 317 Net income 5741855 The account a merchandising dat us the perpetual inventory system. balances for Creek Co. as of May 1, 2016 otherwise indicated 115 117 Prepaid Insurance 118 store supplies 310 Lynn Tolley, Capital, June 1.2015 311 312 410 Cost Merchandise Sold 530 Insurance 539 Miscellaneous Administrative Expense During May, the last month of the fiscal year, the following transactions were completed. May 1. Paid rent for May, s5,000. 3. Purchased merchandise on account from Martin Co, terms 2/10, n 30, FoB shipping point, s36,000 4. Paid freight on purchase of May 3, $600. 6. Sold merchandise on account to Korman Co. terms 2/10, nV30. FoB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. sold was $32.000. 10. Sold merchandise for cash, $5i,000. The cost of the merchandise 13, Paid for merchandise purchased on May 3. 15. Paid advertising expense for last of May, $11,000. half 16, Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19, Paid $33,450 to Buttons Co. on account. from sale 20. Paid Korman Co. a cash refund of $13.230 for retumed merchandise and the of May 6. The invoice amount of the returned merchandise was $13,500 cost of the returned merchandise was $8,000. Record the fallowing transactions on Page 21of tbe journal FoB shipping 20. Sold merchandise on account to Co., terms 1/10, n/30, 20, 82.300. point, S110,000. The cost of the merchandise sold was of 21. For the convenience of crescent Co, paid freight on sale May 21. Received si2,900 cash from Gee Co. on account. Continuing Problem 317 Net income 5741855 The account a merchandising dat us the perpetual inventory system. balances for Creek Co. as of May 1, 2016 otherwise indicated 115 117 Prepaid Insurance 118 store supplies 310 Lynn Tolley, Capital, June 1.2015 311 312 410 Cost Merchandise Sold 530 Insurance 539 Miscellaneous Administrative Expense During May, the last month of the fiscal year, the following transactions were completed. May 1. Paid rent for May, s5,000. 3. Purchased merchandise on account from Martin Co, terms 2/10, n 30, FoB shipping point, s36,000 4. Paid freight on purchase of May 3, $600. 6. Sold merchandise on account to Korman Co. terms 2/10, nV30. FoB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account. sold was $32.000. 10. Sold merchandise for cash, $5i,000. The cost of the merchandise 13, Paid for merchandise purchased on May 3. 15. Paid advertising expense for last of May, $11,000. half 16, Received cash from sale of May 6. 19. Purchased merchandise for cash, $18,700. 19, Paid $33,450 to Buttons Co. on account. from sale 20. Paid Korman Co. a cash refund of $13.230 for retumed merchandise and the of May 6. The invoice amount of the returned merchandise was $13,500 cost of the returned merchandise was $8,000. Record the fallowing transactions on Page 21of tbe journal FoB shipping 20. Sold merchandise on account to Co., terms 1/10, n/30, 20, 82.300. point, S110,000. The cost of the merchandise sold was of 21. For the convenience of crescent Co, paid freight on sale May 21. Received si2,900 cash from Gee Co. on account