Lauras Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on
Question:
Laura’s Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on all cosmetic sales. Laura offers no discounts. The following transactions occurred in April:
Required
a. Journalize, record, and post as appropriate.
b. Prepare a schedule of accounts receivable for the end of April 2022.
Transcribed Image Text:
2022 Apr. 2 Laura Murray invested $10,000 in the cosmetic market from her personal account. From the cash register tapes, lipstick cash sales were $5,000 plus taxes. Cost of inventory was $3,750. 4 From the cash register tapes, eyeshadow cash sales were $3,000 plus taxes. Cost of inventory was $2,250. 5 Sold lipstick on account to Corsen Co., $400, sales invoice No. 1001, plus taxes. Cost of inventory was $300. 9 16 Sold eyeshadow on account to Kaelen Parker Co., $900, sales invoice No. 1002, plus taxes. Cost of inventory was $675. Issued credit memorandum No. 30 to Corsen Co. for lipstick returned, $200. (Be sure to reduce taxes payable.) Merchandise was not returned to inventory. 18 19 Sold lipstick on account to Jaiden Co., $600 sales invoice No. 1003, plus taxes. Cost of inventory was $450. 22 Sold eyeshadow on account to Rusty Neal Co., $1,000, sales invoice No. 1004, plus taxes. Cost of inventory was $750. Kaelen Parker Co. paid half the amount owed from sales invoice No. 1002, dated April 9. 23 Issued credit memorandum No. 31 to Jaiden Co. for $300 (plus taxes) for lipstick returned from sales invoice No. 1003, dated April 19. Cost of inventory returned was $225. 26 Sold lipstick on account to Kaelen Parker Co., $900, sales invoice No. 1005, plus taxes. Cost of inventory was $675. 29 Cash sales taken from the cash register tape showed: 1. Lipstick-$4,000+ taxes. Cost of inventory was $3,000. 2. Eyeshadow $2,000+ taxes. Cost of inventory was $1,500. 30 Received payment from Kaelen Parker Co. of sales invoice No. 1005, dated April 26.
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College Accounting A Practical Approach
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