May 1: Paid rent for May, $5,000. Date Description Post. Rel. Debit Credit May 1 Rent Expense 5,000 Cash 5,000 May 2: Sold merchandise on account to Korman Co., terms 1/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000. Date Description Post. Ref. Debit Credit May 2 Accounts Receivable-Korman Co. 68,500 Sales 68,500 May 2 Cost of Goods Sold 41,000 Inventory 41,000 May 3: Purchased merchandise on account from Martin Co. terms 2/10, 1/30, FOB shipping point, $36,000. Date Description Post. Ref. Debit Credit May 3 Inventory 36,000 36,000 Accounts Payable-Martin Co. May 2: Sold merchandise on account to Korman Co, terms 1/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000, Denton Debit May 2 Accounts Receivable Korman Co. 68,500 Sales 66,500 May 2 Cost of Goods Sold 41,000 Inventory 11,000 May 3: Purchased merchandise on account from Martin Co, terms 2/10, 1/30, FOB shipping point, $36,000. Date Description Post Rel Debit Credit May 3 Inventory 36,000 Accounts Payable Martin Co. 36,000 May 4: Paid freight on purchase of May 3, $600. Date Description Post. Rel May 4 Inventory Debit Credit 600 Cash 600