Eiraheta Distribution Company Unadjusted Trial Balance Total Check Figure 4,475,828, May 1 Paid rent for May 3,600 3 Purchased merchandise on account from Martin Co, Terms 2/10, n/30 FOB shipping point 25,900 14 Paid cash for freight on purchase of May 3rd. 400 6 Sold merchandise on account to Korman Co. terms 2/10, n/30 FOB shipping point 7 Received cash from Halstad Co. for payment on their account, No discount 10 Sold merchandise for cash customer 13 Paid for merchandise purchased on May 3, less the discount 15 Paid cash for Last half of advertising for May 26 Received cash from Korman's May 6th sale remaining balance 19 Purchased Merchandise for cash 19 Made payment to Buttons Co, for previous merchandise purchase on account, no discount 20 Paid Korman Co. a cash refund for May 6th invoice Enter the remaining transaction on page 21 of the journal May 20 Sold Merchandise on account to Crescent Co. Terms 1/10, n/30 FOB Shipping Point 21 For Crescent Co. convenience, paid shipping charge on May 20th sale 21 Received cash from Gee Co., no discount 21 Purchased merchandise from Osterman Co. terms 1/10, n/30 FOB Destination 24 Returned damanged merchandise to Osterman Co. from May 21st purchase 26 Refunded cash to customer for cash sale made previously 28 Paid sales salaries 28 Pald office salaries 29 Purchased store supplies, check# 278845 30 Sold merchandise on account to Turner Co. terms 2/10, n/30 FOB shipping point 49,400 16,100 With a 30,000 Cost of Merchandise 38,900- With a 23,000 Cost of Merchandise 7,900 13,500 24,100 S 9,505 Merchandise was invoiced at 9,700 With a 6,000 Cost of Merchandise 79,300 With a 50,000 Cost of Merchandise 1,700 30,900 63,400 3,600 5,400 With a 3,500 Cost of Merchandise 40,400 20,900 1,700 56,750 With a 34,000 Cost of Merchandise 30 Recived cash from Crescent Co. for May 20th sale plus freight paid. 31 Paid for purchase on May 21 less return and any discount. Instructions: I a) Enter the balances of each of the accounts in the appropriate balance column of each accounts respective general ledgar account. Write Balance in the item section, and place a check mark in the Posting Reference column. b)Journalize the transactions for May starting on page 20 in the journal. 2 Post the journal entries to the proper accounts and columns in the general ledger. This problem does not require to maintain subsidiary ledgers for accounts receivable or accounts payable. 3 Prepare an unadjusted trial balance 4 At the end of May, the following adjustment data was assembled. Analyze and use the data to complete (5) and (6). a. Merchandise inventory on hand May 31 b. Insurance expired during the year c. Store supplies on hand May 31 d. Depreciation for the current year i e. Accrued salaries on May 31 Sales salaries Office salaries f. Customer Returns and Allowances Sales Cost of Merchandise Sold 411,000 9,000 2,900 10,100 5,000 4,800 43,000 25,222 5 (Optional) Complete a 10-column end-of-year Work Sheet 6 Journalize and post the adjusting entries. Record the adjusting entries starting on page 22 in the Journal 7 Prepair an adjusted trial Balance. 8 Prepare an income statement, a statement of owner's equity, and balance sheet. 9 Prepare and post the closing entries. Enter the closing entries on page 23 of the journal. In the general ledger indicate closed accounts with a dash (-) in each Balance column of the account. 10 Prepare a post closing trial balance.