Instructions Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date May 1 Transaction Made cash sales of $8,500; the cost of the inventory was $4,000. 5 Purchased $2,600 of inventory on credit. 9 Made credit sales of $3,400; the cost of the inventory sold was $1,800. 13 Paid sales salaries of $1,200 and office salaries of $700. 14 Paid for the May 5 purchases. 18 21 27 22 Purchased sales equipment costing $7,200; made a down payment of $1,000 and agreed to pay the balance in 60 days. Purchased $500 of inventory for cash. Sold land that had originally cost $2,000 for $3,000. Required: Record the preceding transactions in a general journal.