Ashley Murray opened Ashley’s Cosmetic Market on December 1. Ashley offers no sales discounts. The following transactions occurred in December. 

2020 Dec.

1 Ashley Murray invested $6,000 in the Cosmetic Market from her personal savings account. 

5 From the cash register tapes, lipstick cash sales were $5,100. Cost of inventory was $3,825. 

5 From the cash register tapes, eye shadow cash sales were $1,700. Cost of inventory was $1,275. 

8 Sold lipstick on account to Alexander Kozlosky Co., $200, sales ticket No. 1. Cost of inventory was $150. 

9 Sold eye shadow on account to Douglas Sabin Co., $800, sales ticket No. 2. Cost of inventory was $600. 

15 Issued credit memorandum No. 1 to Alexander Kozlosky Co. for $100 for lipstick returned. Cost of inventory returned was $75. 

19 Douglas Sabin Co. paid half the amount owed from sales ticket No. 2, dated December 9. 

21 Sold lipstick on account to John Tobin Co., $350, sales ticket No. 3. Cost of inventory was $262.50. 

24 Sold eye shadow on account to Edward Wease Co., $1,000, sales ticket No. 4. Cost of inventory was $750. 

25 Issued credit memorandum No. 2 to John Tobin Co. for $250 for lipstick returned from sales ticket No. 3, dated December 21. Cost of inventory returned was $187.50. 

29 Cash Sales taken from the cash register tape: Lipstick $900 (cost of inventory $675) and eye shadow sales $2,900 (cost of inventory $2,175) 

29 Sold lipstick on account to Douglas Sabin Co., $300, sales ticket No. 5. Cost of inventory was $225. 

31 Received payment from Douglas Sabin Co. for sales ticket No. 5, dated December 29. 

Required 

a. Journalize, record, and post as appropriate. 

b. Prepare a schedule of accounts receivable for the end of December.