need help preparing 1- unadjusted trial balance 2- adjusting entries 3- income statement

4-adjusted trail balance

written out below are the transactions for May.

May 1: paid rent for may $5,000

May 3: purchased merchandise on account from martin co terms 2/10, n/30 FOB shipping, $36,000

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, $68,000 The cost of merchandise sold was 41,000

May 7: received 22,300 cash from halstad 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 May 3

May 15: paid advertising expense for last half of May 11,000

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 20: paid korman Co a cash refund of 5,000 for damaged merchandise from sale May 6. Korman Co kept the merchandise

May 20: sole merchandise on account to crescent Co terms 1/10, n/30 FOB shipping 110,000 the cost of the merchandise sold was 70,000

May 21: for the convenience of crescent Co paid freight on sale of May 20 2,300

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

May 28: paid sales salaries of 56,000 and office salaries of 29,000

May 29: purchased store supplies for cash 2,400

May 30: sold merchandise pm account to turner Co terms 2/10 n/30 FOB shipping 78,750. The cost of the merchandise sold was 47,000

May 30: received cash from sale May 20 plus freight paid on May 21

May 31: paid for purchase of May 21 less return May 24

\begin{tabular}{|l|l|} & \begin{tabular}{c} Palisade Creek Co. \\ Post-Closing Trial Balance \\ May 31, 20r7 \end{tabular} \\ \hline Accounts Receivable \\ Merchandise Inventory \\ Prepaid Insurance \\ Store Supplies \\ Store Equipment \\ Accumulated Depreciation-Store Equipment \\ Accounts Payable \\ Customer Refunds Payable \\ Salaries Payable \\ Lynn Tolley, Capital \end{tabular} Joumalize the closing entries. Then post the journal to the general ledger you created in part 1 . Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the owner's capital account. If an amount box does not require an entry, leave it blank. Accounts Payable Customer Refunds Payable Salaries Payable Lynn Tolley, Capital Lynn Tolley, Drawing Sales Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense 7k Merchandise inventory May 31 May 31 May 31 May 31 May 31 Insurance Expense Prepaid Insurance Store Supplies Expense Store Supplies Depreciation Expense Accumulated Depreciation-Store Equipment Sales Salaries Expense Office Salaries Expense Salaries Payable Sales Customer Refunds Payable 6. Journalize the adjusting entries. If an amount box does not require n entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2 . Part 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 the 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. 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