Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1,2019 (unless otherwise indicated), are as follows: Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 1 of the journal. 2. Post the journal 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. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data for cost of merchandise sold. zs is $60,000 for sales and $35,000 5. Journalize and post the adjusting entries. Record the adjusting entries on Page 3 of the journal. 6. Prepare an adjusted trial balance 7. Prepare an income statement, a statement of owner's equity, and a statement of Financial Position 8. Prepare and post the closing entries 9. Prepare a post-closing trial balance