Peterson Company sells candy wholesale to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:

Instructions 1. Journalize the transactions for May in the cash receipts journal and the sales journal.
2. Total and rule the journals.
3. Prove the equality of debit and credit totals.
Check Figure Total sales on account, $1,862

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May 1 Received $980 cash from L. Riggan in payment of April 22 invoice of $1,000 less cash discount. 4 Received $792 cash in payment of $720 note receivable and interest of $72. 7 Received $686 cash from K. L. Shafer in payment of April 29 invoice of $700, less cash discount. 8 Sold merchandise on account to D. Perry, invoice no. 272, $486. 16 Cash sales for first half of May, $3,284. 17 Received cash from D. Perry in payment of invoice no. 272, less cash discount. 20 Received $321 cash from L. N. Sharp in payment of April 16 invoice, no discount.