a. Journalize, record, and post the following transactions as needed to the sales, purchases, cash receipts, cash payments, and general journals. All terms are 2/10, n/30 on both sales and purchases. b. Prepare a schedule of accounts receivable and accounts payable. Q Q 2022 2 Walter Lantz invested $8,000 in the business. CRJ July PJ 3 SJ 4 SJ Purchased $2,000 merchandise from Patel & Sons, their invoice No. 756. Sold merchandise on account to Panda Co., invoice No. 1-$300. Cost of merchandise was $225. 5 Sold merchandise on account to Buzzard Co., invoice No. 2-$600. Cost of merchandise was $225. CR 6 Cash sale $400. Cost of merchandise was $300. GJ 8 Issued credit memorandum No. 1 to Panda Co. for defective merchandise-$100. No inventory was returned. CRJ 9 Purchased $1,150 merchandise from Black Brothers, their invoice No. 2014. 10 Returned $400 defective merchandise to Patel & Sons. No inventory was returned. 11 Received cheque from Panda Co. for invoice No. 1 less returns and discount. Subsidis and discount. Q Q 12 Paid amount owing to Black Brothers, cheque 101. CRJ 16 Cash sale-$500. Cost of merchandise was $375. 19 Sold merchandise on account to Panda Co.-$550, invoice SJ No. 3. Cost of merchandise was $412.50. 22 Purchased $1,800 merchandise from Black Brothers, their invoice No. 2092. 24 Purchased $1,700 store display equipment from Adkins & Co., their invoice No. 1762. 26 Paid amount due to Adkins & Co., cheque 102. 29 Wrote cheque 103 for $250 to City News for ad. 31 Cheque 104 to Fern Supplies for cash purchase. Invoice No. 2178 $640.00.