Cindy Carson opened Cindy's Cosmetic Market on May 1. A 4% sales tax is calculated and added to all cosmetic sales Cindy offers no sales discounts. The following transactions occurred in May: View the May 202X transactions. Read the requirements. Requirement 1. Journalize, record, and post as appropriate using the perpetual method of accounting for inventory. Beginning balances of Merchandise Inventory is $6,000 for lipstick and $6,000 for eye shadow. (Record debits first, then credits. Exclude explanations from journal entries. For purposes of this problem, ignore posting references.) May 1 Cindy Carson invested $6,000 in Cindy's Cosmetic Market from her personal savings account Date May 1 Account Titles Cash Cindy Carson, Capital Debit Credit 6,000 6,000 May 5 From the cash register tapes, lipstick cash sales were $4,900, plus sales tax. The cost of the merchandise was $3.430 Begin by recording the sale portion of the entry Do not record the cost of the sale yet. We will do that in the following step May 5 May 5 May 8 May 1 Cindy Carson invested $6,000 in Cindy's Cosmetic Market from her personal savings account From the cash register tapes, lipstick cash sales were $4,900, plus sales tax. The cost of the merchandise was $3,430. From the cash register tapes, eye shadow cash sales were $1,700, plus sales tax. The cost of the merchandise was $850. Sold lipstick on account to Martha Kowatch Co., $400, sales ticket no. 1, plus sales tax. The cost of the merchandise was $240. May 9 Sold eye shadow on account to Andrew Scott Co., $1,300, sales ticket no. 2, plus sales tax. The cost of the merchandise was $780. May 15 May 19 May 21 May 24 May 25 Issued credit memorandum no. 1 to Martha Kowatch Co. for $300 for lipstick returned. (Be sure to reduce Sales Tax Payable for Cindy.) The cost of the merchandise was $180. Andrew Scott Co. paid half the amount owed from sales ticket no. 2, dated May 9. Sold lipstick on account to Danny Tenley Co., $450, sales ticket no. 3, plus sales tax. The cost of the merchandise was $270. Sold eye shadow on account to Ethan Zenith Co., $1,000, sales ticket no. 4, plus sales tax. The cost of the merchandise was $600. Issued credit memorandum no. 2 to Danny Tenley Co. for $150 for lipstick returned from sales ticket no 3 dated May 21 The cost of the merchandise was $90 Tax. THE CUST OF E merchandise was $240 May May 15 May 19 May 21 May 24 May 25 May 29 May 29 May 31 Sold eye shadow on account to Andrew Scott Co., $1,300, sales ticket no. 2, plus sales tax. The cost of the merchandise was $780. Issued credit memorandum no. 1 to Martha Kowatch Co. for $300 for lipstick returned. (Be sure to reduce Sales Tax Payable for Cindy.) The cost of the merchandise was $180. Andrew Scott Co. paid half the amount owed from sales ticket no. 2, dated May 9. Sold lipstick on account to Danny Tenley Co., $450, sales ticket no. 3, plus sales tax. The cost of the merchandise was $270. Sold eye shadow on account to Ethan Zenith Co., $1,000, sales ticket no. 4, plus sales tax. The cost of the merchandise was $600. Issued credit memorandum no. 2 to Danny Tenley Co. for $150 for lipstick returned from sales ticket no. 3, dated May 21. The cost of the merchandise was $90. Cash sales taken from the cash register tape showed the following: 1. Lipstick: $1,250 +$50 sales tax collected. The cost of the merchandise was $625 2. Eye shadow: $3,600 +$144 sales tax collected. The cost of the merchandise was $2,160. Sold lipstick on account to Andrew Scott Co., $300, sales ticket no. 5, plus sales tax. The cost of the merchandise was $90. Received payment from Andrew Scott Co. of sales ticket no. 5, dated May 29. Requirements 1. Journalize, record, and post as appropriate using the perpetual method of accounting for inventory. Beginning balances of Merchandise Inventory is $6,000 for lipstick and $6,000 for eye shadow. 2. Prepare a schedule of accounts receivable for the end of May. Print Done - X