May 29: Purchased store supplies for cash, $2,400. May 30: Sold merchandise on account to Tumer Co., terms n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. May 32: Recelved cash from sale of May 21 plus freight. Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for palisade Creek as of May 1,20r0 (unless otherwise indicated) are as follows. Assume all accounts have normal balances. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. May 28: Paid sales salaries of $56,000 and office salaries of $29,000. May 19: Paid $33,450 to Buttons Co. on account. May 15: Paid advertising expense for last half of May, $11,000. May 17: Received cash from sale of May 2. May 19: Purchased merchandise for cash, $18,700. May 3: Purchased merchandise on account from Martin Co., terms 2/10,n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3,$600. May 7: Received $22,300 cash from Halstad Co, on account. May 10: Sold merchandise with a list price of $61,500 to customers who used vish and who redeemed $7,500 of point-ol-sale coupons, The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3 , Part 1: Journalize the transactions below for May, the last month of the fiscal year, if an amount box does not require an entry, leave it blank. May 31: Paid for purchase of May 21, less return of May 24. Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger, Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problemI you are not required to update or post to the eccounts receivable and accounts payable subsidiary ledgers. May 21: For the convenience of Crescent Co., paid freight on sale of May 21,$2,300. May 21: Recelved $42,900 cash from Gee Co. on account. May 21: Purchased merchandise on account from Osterman Co., terms 1/10,n/30, FOB destination, $88,000. May 29: Purchased store supplies for cash, $2,400. May 30: Sold merchandise on account to Tumer Co., terms n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000. May 32: Recelved cash from sale of May 21 plus freight. Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for palisade Creek as of May 1,20r0 (unless otherwise indicated) are as follows. Assume all accounts have normal balances. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. May 28: Paid sales salaries of $56,000 and office salaries of $29,000. May 19: Paid $33,450 to Buttons Co. on account. May 15: Paid advertising expense for last half of May, $11,000. May 17: Received cash from sale of May 2. May 19: Purchased merchandise for cash, $18,700. May 3: Purchased merchandise on account from Martin Co., terms 2/10,n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3,$600. May 7: Received $22,300 cash from Halstad Co, on account. May 10: Sold merchandise with a list price of $61,500 to customers who used vish and who redeemed $7,500 of point-ol-sale coupons, The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3 , Part 1: Journalize the transactions below for May, the last month of the fiscal year, if an amount box does not require an entry, leave it blank. May 31: Paid for purchase of May 21, less return of May 24. Part 2: Using the attached spreadsheet, post the journal entries from Part 1 to the general ledger, Extend the month-end balances to the appropriate balance columns after all posting is completed. In this problemI you are not required to update or post to the eccounts receivable and accounts payable subsidiary ledgers. May 21: For the convenience of Crescent Co., paid freight on sale of May 21,$2,300. May 21: Recelved $42,900 cash from Gee Co. on account. May 21: Purchased merchandise on account from Osterman Co., terms 1/10,n/30, FOB destination, $88,000
