Record the following transactions on page 21 of the journal. Refer to the Chart of Accounts for exact wording of account titles.

May	20	Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.
	21	For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
	21	Received $42,900 cash from Gee Co. on account.
	21	Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
	24	Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
	26	Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
	28	Paid sales salaries of $56,000 and office salaries of $29,000.
	29	Purchased store supplies for cash, $2,400.
	30	Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.
	30	Received cash from sale of May 20 plus freight paid on May 21.
	31	Paid for purchase of May 21, less return of May 24.

CHART OF ACCOUNTS

Palisade Creek Co.

General Ledger

	ASSETS
110	Cash
112	Accounts Receivable
115	Merchandise Inventory
116	Estimated Returns Inventory
117	Prepaid Insurance
118	Store Supplies
123	Store Equipment
124	Accumulated Depreciation-Store Equipment

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
212	Customers Refunds Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends
313	Income Summary

	REVENUE
410	Sales

	EXPENSES
510	Cost of Merchandise Sold
520	Sales Salaries Expense
521	Advertising Expense
522	Depreciation Expense
523	Store Supplies Expense
529	Miscellaneous Selling Expense
530	Office Salaries Expense
531	Rent Expense
532	Insurance Expense
539	Miscellaneous Administrative Expense