Koda Company Trial Balance April 30
	Debit	Credit
Cash	$69,500
Accounts receivable	27,000
Merchandise inventory	38,000
Office supplies	1,200
Store equipment	80,000
Accumulated depreciationstore equipment		$25,000
Building	260,000
Accumulated depreciationbuilding		121,600
Accounts payable		28,500
Salaries payable		10,000
N. Koda, Capital		295,600
N. Koda, Withdrawals	5,000
Totals	$480,700	$480,700

Koda Company is a wholesale company that had the following purchase and sales transactions related to its merchandise inventory during the month of May.

May 1	Purchased $20,000 of merchandise on account from Webber Mfg. Co. Credit terms: 2/10, n/30. FOB shipping point
2	Received and paid the $1,000 shipping bill from Interstate Shipping for the goods purchased on March 1
6	Received a credit memo for the return of $5,000 of the goods purchased on March 1 which had arrived damaged.
10	Paid Webber Mfg. Co. the amount due.
15	Sold merchandise on account to Dover Company for $5,000. The cost of the merchandise was $3,000. (cost is 60% of the retail value) Terms: 2/10, n/30; FOB Destination
16	Paid Crosstown Shipping $100 to deliver the goods sold on March 15
17	Dover returned $1,000 of the goods they purchased on March 15. You had sent them the wrong merchandise.
24	Received the amount due from Dover Co.

Requirement

1. : Record the transactions assuming Koda Company uses perpetual inventory system
2. Prepare closing entries.
3. Prepare a multi-step income statement.
4. Prepare a balance sheet that includes the closing entries.
5. Prepare a statement of owners equity.