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.

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