May 30: Received cash from sale of May 20 plus freight paid on May 21. May 31: Paid for purchase of May 21, less return of May 24. May 28: Paid sales salaries of $56,000 and office salaries of $29,000. May 29: Purchased store supplies for cash, $2,400. May 21: Received $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 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000. May 26: Refunded cash on sales made for cash, $800. The defective merchandise was not returned by the customer. May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. May 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $18,700. May 19: Paid $33,450 to Buttons Co. on account. May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000 May 13: Paid for merchandise purchased on May 3. May 15: Paid advertising expense for last half of May, $11,000. May 4: Paid freight on purchase of May 3, $600. May 6: Sold merchandise on account to Korman Co., terms 2/10,n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. art 1: Journalize the transactions for May, the last month of the fiscal year, below. Part 2: Using the attached spreadsheet as your general ledger, post the journal entries you created in Part 1 to the general ledger, extending the month-end balances to appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. Please be sure to save the spreadsheet general ledger to use for the remaining parts of this comprehensive problem. If an amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. May 3: Purchased merchandise on account from Martin Co., terms 2/10,n/30, FOB shipping point, $36,000. Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1,20Y7 (unless otherwise indicated) are as follows