The Westerm Wear Company, a wholesaler of western weas clothing, sells to retailers company entered into the following transactions in May 2012 May1 The Wessers Wear Company was organieed as a corporation The steckholders parchased stock at par foe the following assets in the business: 5462,000 cash, 1 Paid rent on administrative offices for May, $25,200 $ 1 89,000, tens 2/10, n/30. Freight serms were FO8 shipping point, freight S Cash of SS,400 was paido a trucking company fir delivery of the merchandise purchased May 5 14 The company sold merchandise on account, 5315,000, serms 2/10, n/30. 15 Paid Carl Company the amount doe on the purchase of May 3 16 of the merchandise sold May 14, S 13.860 was returned for eredt 19 Salaries for services received were paid for May as follows: office employees, $16,800; salespersons, $33,600 24 The company collected the amount due on $126,000 of the accounts receivable arising from the sale of May 14. 25 The company purchased merchandise on account from Boed Company, S151,200; terms 2/10, n/30. Freight terms were FOB shipping point, freighi collect 27 Of the merchandise purchased May 25, $25,200 was returned to the vendor 28 1. A total of S 2. An iavem A trucking company was paid $2,100 for delivery to The Western Wear Company of the goods purchased May 25 29 The company sold merchandise on open account,$15.120, terms 2/10, n/30 30 Cash sales were S74.088. 30 Cash of$100,800 was received from the sale of May 14. 3. Prepaid re .Depreciat 5. Accrued 6. Accrued 7. Mercha A 1P 31 Paid Bond Company for the merchandise purchased on May 25, taking into puud, dLgCou. g20 consideration the merchandise returned on May 27. Aditional data The inventory on hand at the close of business on May 3tis $299,040 a. Prepare journal entries for the transactions are from page 15 of the general journal. Prepare tw a. A wo show Required From the data given for The western wear Company: b. Post the journal entries to the proper ledger accounts. Use the account numbers in the chart of accounts shown in a separate file at the end of the text. Assume that all postings d. A e. R (There were no adjusting journal entries. e. Prepare a trial balance. d. Prepare a classified income statement for the month ended May 31, 2012 e. Prepare a classified balance sheet as of May 31,2012