The post-closing trial balance for Lee Co. follows. The subsidiary ledgers contain the following information:

The subsidiary ledgers contain the following information:
1. Accounts Receivable-W. Karasch, 53.2505 L Cellars, $7,400; G. Parrish, $4,750
2. Accounts Payable-Summers Corp., $10,500; Cobalt Sports, $15.500; Buttercup Distributors, $17,400 Lee uses a perpetual inventory system. The transactions for May 2017 are as follows:
May 3 Sold merchandise on account to B. Simone, 52,400. The cost of the goods sold was $1,050.
5 Purchased merchandise from WN Shaw, S2,600, on account
7 Received a cheque from G. Parrish, $2,800, in partial payment of account.
11 Paid freight on merchandise purchased, $318.
12 Paid rent of $1,500 for May.
13 Received payment in full from B. Simone.
14 Issued a credit memo to acknowledge 5750 of merchandise returned by W. Karasch. The merchandise (original cost, $325) was restored to inventory
15 Sent Buttercup Distributors a cheque in full payment of account.
17 Purchased merchandise from Lancio Co., $2,100, on account.
18 Paid salaries of $4,700.
20 Gave Cobalt Sports a two-month, 10% note for 515,500 in full payment of account payable.
20 Returned merchandise costing $510 to Lando for credit.
23 Total cash sales amounted to $9.500. The cost of goods sold was 54.450.
27 Sent WN Shaw a cheque for $1,000, in partial payment of account
29 Received payment on a note of 540,000 from Cole Company.
30 Purchased equipment on account from Summers Corp., 54,000.
31 C. Lee withdrew $1,000 cash for personal use.
Instructions
(a) Open general and subsidiary ledger accounts and record April 30. 2017. balances.
(b) Record the May transactions in a sales journal, a purchases journal, a cash receipts journal, a cash payments journal, and a general journal, as illustrated in this appendix.

(c) Post the appropriate amounts to the general ledger.
(d) Prepare a trial balance at May 31, 2017.
(e) Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger.

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LEE CO. Post-Closing Trial Balance April 30, 2017 Debit S 36,700 15,400 48,000 22,000 8,200 Credit 101 Cash 112 Accounts receivable 115 Notes receivable-Cole Company 120 Merchandise inventory 157 Equipment 158 Accumulated depreciation-equipment 200 Notes payable 201 Accounts payable 301 C. Lee, capital 310 C. Lee, drawings 401 Sales 410 Sales returns and allowances 505 Cost of goods sold 725 Salaries expense 730 Rent expense s 1,800 43,400 85,100 $130,300 S130,300