Questions, Classroom Demonstration Exercises, Exercises, and Problems 26-2B. (In the Excel templates on MyLab Accounting, all the beginning balances needed are provided for the accounts receivable subsidiary and general ledgers.) The following transactions occurred for Peaker's Sneaker Shop of Dartmouth. The cost of goods sold for all merchandise is 75% of the sale price. This 75% also applies to inventory items returned. 2021 May 1 Mark Peaker invested an additional $14,000 in the sneaker store. 3 Sold $2,000 worth of merchandise on account to B. Dale, sales invoice No. 60, terms 1/10, n/30. 4 Sold 9900 worth of merchandise on account to Ron Lester, sales invoice No. 61, terms 1/10, n/30. 8 Sold $600 worth of merchandise on account to Jim Zon, sales invoice No. 62, terms 1/10, n/30. 11 Received cash from B. Dale in payment of May 3 transaction, sales invoice No. 60, less discount. 18 Sold S4,000 worth of merchandise on account to Pam Pry, sales invoice \o. 63, terms 1/10, n/30. 21 Received cash payment from Ron Lester in payment of May 4 transaction, sales invoice No. 61. Questions, Classroom Demonstration Exercises, Exercises, and Problems 21 Received cash payment from Ron Lester in payment of May 4 transaction, sales invoice No. 61. 22 Collected cash sales, $6,000. 25 Issued credit memorandum No. 1 to Pam Pry for $500 worth of defective merchandise from May 18 sale. The merchandise was not returned to inventory. 25 Received cash from Pam Pry in payment of May 18 sales invoice No. 63. (Don't forget about the credit memo and discount.) 28 Collected cash sales, $12,000. 28 Sold sneaker rack equipment for $200 cash. (Beware.) 29 Sold S6,000 worth of merchandise on account to Ron Lester, sales invoice No. 64, terms 1/10, n/30. 31 Issued credit memorandum No. 32 to Ron Lester for $800 as a sales allowance for incorrect colour from May 29 transaction, sales invoice No. 64. Questions, Classroom Demonstration Exercises, Exercises, and Problems Comprehensive problem: recording transactions in sales, cash receipts, and general journals; recording in accounts receivable subsidiary ledger and posting to general ledger; preparing a schedule of accounts receivable (70 min) Check Figure Schedule of Accounts Receivable $8,000.00 equired a. Journalize the transactions in the appropriate journals. b. Record and post as appropriate. c. Prepare a schedule of accounts receivable as of May 31