During May, the last month of the fiscal year, the following transactions were completed:
May 1. Paid rent for May, $5,000.
3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
May 4. Paid freight on purchase of May 3, $600.
6. Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000.
7. Received $22,300 cash from Halstad Co. on account.
10. Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000.
13. Paid for merchandise purchased on May 3.
15. Paid advertising expense for last half of May, $11,000.
16. Received cash from sale of May 6.
19. Purchased merchandise for cash, $18,700.
19. Paid $33,450 to Buttons Co. on account.