Chevy Canton opened Chevy's Cosmetic Market on May 1. A 16% sales tax is calculated and added to all cosmetic sales. Chevy offers no sales Chevy Canton invested $9,500 in the Cosmetic Market from his personal savings From the cash register tapes, lipstick cash sales were $4,600, plus sales tax From the cash register tapes, eye shadow cash sales were $1,900, plus sales tax Sold lipstick on account to Lois Kozak Co., $550, sales ticket no. 1, plus sales ta. 9A-4. discounts. The following transactions occurred in May 2017 May 1 account. 5 5 8 9 15 19 21 24 Sold eye shadow on account to Ann Marie Maxwell Co., $1,600, sales ticket no. 2, plus sales tax. Issued credit memorandum no. 1 to Lois Kozak Co. for $250 for lipstick returned. (Be sure to reduce Sales Tax Payable for Chevy.) Ann Marie Maxwell Co. paid half the amount owed from sales ticket no. 2, dated May 9. Sold lipstick on account to David Parnell Co., $400, sales ticket no. 3, plus sales tax. Sold eye shadow on account to Everette Tennis Co., $550, sales ticket no. 4, plus sales tax. Issued credit memorandum no. 2 to David Parnell Co. for $200 for lipstick returned from sales ticket no. 3, dated May 21. Cash sales taken from the cash register tape showed the following: 1. Lipstick: $1,200 + $192 sales tax collected. 2. Eye shadow: $2,400 + $384 sales tax collected. Sold lipstick on account to Ann Marie Maxwell Co., $550, sales ticket no. 5. plus sales tax. Received payment from Ann Marie Maxwell Co. of sales ticket no. 5, dated May 29. 25 29 29 31 equired 1. Journalize, record, and post as appropriate. 2. Prepare a schedule of accounts receivable for the end of May. et B