During May, the last month of the fiscal year, the following transactions were completed May 1 Paid rent for May, $5,000 3 Purchased merchandise on account from Martin Co , terms 2 10, n 30, FOB shipping point, $36,000 4 Paid freight on purchase of May 3, $600 6 Sold merchandise on account to Korman Co , terms 2 10, n 30, FOB shipping point, $68,500 The cost of the merchandise sold was $41,000 7 Received $22,300 cash from Halstad Co on account 10 Sold merchandise for cash, $54,000 The cost of the merchandise sold was $32,000 13 Paid for merchandise purchased on May 3 15 Paid advertising expense for last half of May, $11,000 16 Received cash from sale of May 6 19 Purchased merchandise for cash, $18,700 19 Paid $33,450 to Buttons Co on account 20 Paid Korman 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 Record the following transactions on Page 21 of the journal 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 21 For the convenience of Crescent Co , paid freight on sale of May 20, $2,300 21 Received $42,900 cash from Gee Co on account 21 Purchased merchandise on account from Osterman Co , terms 1 10, n 30, FOB destination, $88,000 24 Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 26 Refunded cash on sales made for cash, $7,500 The cost of the merchandise returned was $4,800 28 Paid sales salaries of $56,000 and office salaries of $29,000 29 Purchased store supplies for cash, $2,400 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 30 Received cash from sale of May 20 plus freight paid on May 21 31 Paid for purchase of May 21, less return of May 24 Post the journal to the general ledger, extending 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 Journalize and post the adjusting entries Record the adjusting entries on Page 22 of the journal Prepare an income statement, a statement of owner's equity, and a balance sheet Prepare and post the closing entries Record the closing entries on Page 23 of the journal Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry Insert the new balance in the owner's capital account Prepare a post closing trial balance Palisade Creek Co is a merchandising business that uses the perpetual inventory system The account balances for Palisade Creek Co as of May 1, 2019 (unless otherwise indicated), are as follows

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During May, the last month of the fiscal year, the following transactions were completed: May 1. Paid rent for May, $5,000. 3. Purchased merchandise on

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During May, the last month of the fiscal year, the following transactions were completed:

May 1.		Paid rent for May, $5,000.
3.		Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
4.		Paid freight on purchase of May 3, $600.
6.		Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.
7.		Received $22,300 cash from Halstad Co. on account.
10.		Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
13.		Paid for merchandise purchased on May 3.
15.		Paid advertising expense for last half of May, $11,000.
16.		Received cash from sale of May 6.
19.		Purchased merchandise for cash, $18,700.
19.		Paid $33,450 to Buttons Co. on account.
20.		Paid Korman 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.
		Record the following transactions on Page 21 of the journal:
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.
21.		For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
21.		Received $42,900 cash from Gee Co. on account.
21.		Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
24.		Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
26.		Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
28.		Paid sales salaries of $56,000 and office salaries of $29,000.
29.		Purchased store supplies for cash, $2,400.
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.
30.		Received cash from sale of May 20 plus freight paid on May 21.
31.		Paid for purchase of May 21, less return of May 24.

Post the journal to the general ledger, extending 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.
Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal.
Prepare an income statement, a statement of owner's equity, and a balance sheet.
Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owner's capital account.
Prepare a post-closing trial balance.

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows