Palisade Creek Co. Is a retall business that uses the perpetual Inventory system. The account balances for Palisade Creek as of May 1, 2016 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 112 Aceh 23. See TIS multum 25,000 Set 117 26.0 52 Art Im Stories 1.D 1 Store 30.05 12 Acid Dress 200 A 96.020 Ole Sec Saw - there 21 Cuma 90.000 Com I ained ning SES, Part 1: Journalize the transactions below for May, the last month of the fiscal year. If a amount box does not require an entry, leave it blank. May 1: Paid rent for May, $5,000. Der Cut B May 2: Sold merchandise on account to Korman Co, terms 1/35, Fos shipping point $68,500. The cost of the goods sold was 541,000 De C May 3: Purchased merchandise an account from Martin Co. terms 2/10/30, FOS shipping point, $36,000. Decoratie Portal May 4: Paid freight on purchase of May 3. $600. Dute D Portal May 7: Received $22,300 cash from Halstad Co. on account ? May 10: Sold merchandise with a list price of 551.500 to customers who used VISA and who redeemed $7,500 of point-of-sale coupons. The cost of the goods sold was $32,000. Du Descrip Gra| Share -- May 13: Paid for merchandise purchased on May 3. Grue May 15: Paid advertising expense for last half of May, $11,000 tre hers May 17: Received cash from sale of May 2. Bate Desert May 19: Purchased merchandise for cash, $18.700 De De May 19: Pald 533,450 to Buttons Co, on account Bale Betri May 20: Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 May 211 Sold merchandise on account to Crescent Co. terms com, FB shipping point, $110,000. The cost of the goods sold was $70,000 BAB May 21: For the convenience of Crescent Co. paid freight on sale of May 21, 52.300 Der bata 23 May 21: Received 542,900 cash from Gee Co. on account le May 21: Purchased merchandise on account from Osterman Co, terms 1/10, 1/30, FOB destination, $88,000 May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5.000. there Hay May 26: Relunded cash on sales made for cash, $7,500. The cost of the merchandise returned was 54,800. - May 28: Paid sales salaries of $56,000 and office salaries of $29,000 Beriti 2 May 29: Purchased store supplies for cash, 52,400 May 30: Sold merchandise on account to Turner Co, terms 1/30, FOB shipping point, $78,750. The cost of the goods sold was $47.000. May 31 Received cash from sale of May 21 plus freight Date May 31: Paid for purchase of May 21, less return of May 24. bate