Prepare the income statement, where net income will be carried through to the statement of owners equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners equity balance.

**I have completed the journal entries I need help with the multiple step income statement, statement of owners equity, classified balance sheet & post-closing trial balance.**

• Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet.

• Prepare a post-closing trial balance.

May	1	Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)
	2	Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).
	2	Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.
	3	Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29.
	4	Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.
	5	Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.
	8	Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.
	9	Sold store supplies to the merchant next door at their cost of $350 cash.
	10	Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.
	11	Received payment from Cole Company for the May 2 sale less the discount.
	11	Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30.
	12	Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.
	15	Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.
	15	Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)
	16	Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890).
	17	Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.
	19	Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount.
	22	Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.
	23	Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.
	24	Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.
	25	Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.
	26	Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230).
	26	Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
	29	The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.
	30	Received payment from Crane Services for the May 22 sale less the discount.
	30	Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.
	31	Cash sales for the last half of the month are $66,052 (cost is $42,500).

Credit 3710 Ter s e. Seing space Rent ExpenseOmce Space 6100 2 Accounts Receivable. Cole Sales Revenue 4100 May / ecom 2 Cost of Goods Sold Merchandise Inventory Merchandise Sales on credit 2 Sales Returned Accounts Receivable Mercer Co. Cred Merriarandi 79B May 3 Accounts Payable ( Preston Products) Inventory Merchandise return to Preston May 83 37729 erchandise Inventory Store Supplies Office Supplies Accounts Payable (Davis Supply Co.) Purchase Supplies form Davis Co. on credit r/10 EOM 4459 91 4550 Cash Sales Discount Account Receivable (Mercer Co.) F Payment received for merchandise 6300 126 6174 May Account Payable (Preston Products) Merchandise Inventory Cash Cash Paid in Settlement of Credit Purchase 350 May 9 Cash Store Supplies Sold Store Supplies to Merchant Next door at 350 each 4074 4074 May 10 Office Equipment Account Payable (Davis Supply Co.) Purchased equipment, terms 1/10 EOM 5978 1221 May 6100 11 Cash Sales Discount Receivable (Cole Co.) Payment received for merchandise 8800 May 8800 11 Merchandise Inventory Accounts Payable (Henly Inc.) Purchased Merchandise, terms 2/10, 1/30 854 May 12 Accounts Payable (Davis Supply Co.) Office Equipment Credit memorandum received May 15 Sales Salaried Expense Office Salaries Expense Cash 5320 3150 8470 Cash paid for office salaries May 59220 59220 15 Cash Sales Revenue Record of cash sales Cost of Goods Sold Inventory Cash sales 38200 38200 May 3990 16 Accounts Recivable (Cole Co.) Sales Merchandise sales on credit 3990 1161 ACCOUN REU Sales Merchandise sales on credit 1890 18901 May 16 Cost of Goods Sold Merchandise Inventory Merchandise Sale on credil T 13650 13650 May 17 Merchandise Inventory Accounts Payable (Summit Corp.) Purchase merchandise terms 2/10, 1/00 8800 May 176 8624 19 Accounts Payable (Henley Inc.) Merchandise Inventory Cash Cash Paid 6850 May 22 Accounts Receivable (Crane Services) Sales Merchandise sale 4990 4990 May 22 Cost of Goods Sold Merchandise Inventory Merchandise sales 13650 13377 23 Accounts Payable (Summit Corp.) Merchandise Inventory Cash Cash Paid May 8120 630 280 24 Merchandise Inventory Store Supplies Office Supplies Accounts Payable (Davis Supply Co.) Purchased Merchandise on credit terms V10 EOM 9030 3080 3080 25 Merchandise Inventory Accounts Payable (Preston Products) Merchandise Purchased, terms 2/10, 1/30 14210 May 14210 26 Accounts Receivable (Crank Corp.) Sales Merchandise sale on credit May 8230 26 Cost of Goods Sold Merchandise Inventory Merchandise Sale 8230 May 1283 26 Electricity Expense Cash Paid electric bi 1283 May 7000 29 J. Spark, Withdrawals Cash Cash withdrawal by owner 7000 May 30 Cash 6713 137 Sales Discounts Accounts Receivable (Crane Services) Payment received for merchandise May 5320 3150 30 Sales Salaries Expense Office Salaries Expense Cash Payment for Salaries 8470 May 31 Cash 66052 Sales Record of cash sales 66052 May 31 Cost of Goods Sold Merchandise Inventory Merchandise sale 42500 410056 410055 Credit 3710 Ter s e. Seing space Rent ExpenseOmce Space 6100 2 Accounts Receivable. Cole Sales Revenue 4100 May / ecom 2 Cost of Goods Sold Merchandise Inventory Merchandise Sales on credit 2 Sales Returned Accounts Receivable Mercer Co. Cred Merriarandi 79B May 3 Accounts Payable ( Preston Products) Inventory Merchandise return to Preston May 83 37729 erchandise Inventory Store Supplies Office Supplies Accounts Payable (Davis Supply Co.) Purchase Supplies form Davis Co. on credit r/10 EOM 4459 91 4550 Cash Sales Discount Account Receivable (Mercer Co.) F Payment received for merchandise 6300 126 6174 May Account Payable (Preston Products) Merchandise Inventory Cash Cash Paid in Settlement of Credit Purchase 350 May 9 Cash Store Supplies Sold Store Supplies to Merchant Next door at 350 each 4074 4074 May 10 Office Equipment Account Payable (Davis Supply Co.) Purchased equipment, terms 1/10 EOM 5978 1221 May 6100 11 Cash Sales Discount Receivable (Cole Co.) Payment received for merchandise 8800 May 8800 11 Merchandise Inventory Accounts Payable (Henly Inc.) Purchased Merchandise, terms 2/10, 1/30 854 May 12 Accounts Payable (Davis Supply Co.) Office Equipment Credit memorandum received May 15 Sales Salaried Expense Office Salaries Expense Cash 5320 3150 8470 Cash paid for office salaries May 59220 59220 15 Cash Sales Revenue Record of cash sales Cost of Goods Sold Inventory Cash sales 38200 38200 May 3990 16 Accounts Recivable (Cole Co.) Sales Merchandise sales on credit 3990 1161 ACCOUN REU Sales Merchandise sales on credit 1890 18901 May 16 Cost of Goods Sold Merchandise Inventory Merchandise Sale on credil T 13650 13650 May 17 Merchandise Inventory Accounts Payable (Summit Corp.) Purchase merchandise terms 2/10, 1/00 8800 May 176 8624 19 Accounts Payable (Henley Inc.) Merchandise Inventory Cash Cash Paid 6850 May 22 Accounts Receivable (Crane Services) Sales Merchandise sale 4990 4990 May 22 Cost of Goods Sold Merchandise Inventory Merchandise sales 13650 13377 23 Accounts Payable (Summit Corp.) Merchandise Inventory Cash Cash Paid May 8120 630 280 24 Merchandise Inventory Store Supplies Office Supplies Accounts Payable (Davis Supply Co.) Purchased Merchandise on credit terms V10 EOM 9030 3080 3080 25 Merchandise Inventory Accounts Payable (Preston Products) Merchandise Purchased, terms 2/10, 1/30 14210 May 14210 26 Accounts Receivable (Crank Corp.) Sales Merchandise sale on credit May 8230 26 Cost of Goods Sold Merchandise Inventory Merchandise Sale 8230 May 1283 26 Electricity Expense Cash Paid electric bi 1283 May 7000 29 J. Spark, Withdrawals Cash Cash withdrawal by owner 7000 May 30 Cash 6713 137 Sales Discounts Accounts Receivable (Crane Services) Payment received for merchandise May 5320 3150 30 Sales Salaries Expense Office Salaries Expense Cash Payment for Salaries 8470 May 31 Cash 66052 Sales Record of cash sales 66052 May 31 Cost of Goods Sold Merchandise Inventory Merchandise sale 42500 410056 410055