Part $1$: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it b

May $1$: Paid rent for May, $$5,000.$

May $2$: Sold merchandise on account to Korman Co$.,$ terms $\frac{n}{15},$ FOB shipping point, $$68,500.$ The cost of the goods sold was $$41,000.$

May $3$: Purchased merchandise on account from Martin Co$.,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point, $$36,000.$

May $4$: Paid freight on purchase of May $3,$$$600.$ May $7$: Received $$22,300$ cash from Halstad Co$.$ on account.

May $10$: Sold merchandise with a list price of $$61,500$ to customers who used VISA and who redeemed $$7,500$

May $13$: Paid for merchandise purchased on May $3.$

May $15$: Paid advertising expense for last half of May, $$11,000.$ May $17$: Received cash from sale of May $2.$

May $19$: Purchased merchandise for cash, $$18,700.$

May $19$: Paid $$33,450$ to Buttons Co$.$ on account.

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.$Comprehensive Problem $2$ Part $1$: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it b

May $1$: Paid rent for May, $$5,000.$

May $2$: Sold merchandise on account to Korman Co$.,$ terms $\frac{n}{15},$ FOB shipping point, $$68,500.$ The cost of the goods sold was $$41,000.$

May $3$: Purchased merchandise on account from Martin Co$.,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point, $$36,000.$

May $4$: Paid freight on purchase of May $3,$$$600.$ May $7$: Received $$22,300$ cash from Halstad Co$.$ on account.

May $10$: Sold merchandise with a list price of $$61,500$ to customers who used VISA and who redeemed $$7,500$

May $13$: Paid for merchandise purchased on May $3.$

May $15$: Paid advertising expense for last half of May, $$11,000.$ May $17$: Received cash from sale of May $2.$

May $19$: Purchased merchandise for cash, $$18,700.$

May $19$: Paid $$33,450$ to Buttons Co$.$ on account.

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 $21$: Sold merchandise on account to Crescent Co$.,$ terms $\frac{n}{?}$ eom, FOB shipping point, $$110,000.$ The cost of the goods sold was $$70,000.$

May $21$: For the convenience of Crescent Co$.,$ paid freight on sale of May $21,$$$2,300.$

May $21$: Received $$42,900$ cash from Gee Co$.$ on account.

May $21$: Purchased merchandise on account from Osterman Co$.,$ terms $\frac{1}{10},\frac{n}{30},$ FOB destination, $$88,000.$ Part $7$:

You must complete parts $1,2,3,4$ and $6$ before completing part $7.$ Part $5$ is the optional work sheet.

Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.

Palisade Creek Co$.$

Adjusted Trial Balance

May $31,20Y6$ Part $8$:

You must complete parts $1,2,3,4,6$ and $7$ before attempting to complete part $8.$

Note: Part $5$ is the optional worksheet.

Prepare a multiple$-$step income statement.

Palisade Creek Co$.$

Income Statement

For the Year Ended May $31,20$ Y$6$

Expenses:

Selling expenses:

Prepare a statement of stockholders' equity. Assume that additional common stock of $$10,000$ was issued in January $20Y6.$

Palisade Creek Co$.$

Statement of Stockholders' Equity

For the Year Ended May $31,20$ Y$6$ Palisade Creek Co$.$

Balance Sheet

May $31,20Y6$

Assets

Current assets:

Total current assets

Property, plant, and equipment:

Total property, plant, and equipmentComprehensive Problem $2$

Part $10$:

You must complete parts $1,2,3,4,6,7,8$ and $9$ before attempting to complete part $10$

Part $1$ and Part $2$:

Part $1$: Journalize the transactions below for May, the last month of the fiscal year. If an amount box does not require an entry, leave it blank.