Palisade Creck Co, is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1 , 20v6 (unless otherwise indicated). Part 1t Joumalize 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 it Paid rent for May, $5,000. May 2: Sold merchandise on account to Korman Co, terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000. May 3: Purchased merchandise on sccount from Martin Co, terms 2/10, N/30,F0B shupping 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 VISA and who redeemed $7,500 of point-ot-sale coupons. The cost of the goods 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 17: Recelved cash from sale of May 2. May 19: Purchased merchandise for cash, 518,700 . May 19: Paid $33,450 to Buttons Co, on account. May 20: Paid Korman Co. a cash refund of $13,230 for retumed merchandise from sale of May 2. The cost of the returned merchandise was $8,000. May 21: Sold merchandise on account to Crescent Co., terms rveom, FOB shipping point, $110,000, The cost of the goods sold was $70,000. May 21: For the convenience of Crescent Co., paid frelght 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 24: Returned damaged merchandise purchased on May 21, recelving a credit memo from the seller for $5,000. May 26: Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. May 28: Paid saies salaries of $56,000 and office salaries of $29,000. May 29: Purchased store supplies for cash, $2,400. May 31: Received cash from sale of May 21 plus freight. May 31: Paid for purchase of May 21, less return of May 24