Requirements I 1. Journalize, record, and post as appropriate using the perpetual method of accounting for inventory. Beginning balances of Merchandise Inventory is $16,000 for lipstick and $8,000 for eye shadow. 2. Prepare a schedule of accounts receivable for the end of May. May 202X Transactions May 1 May 5 Callie Carson invested $6,500 in Callie's Cosmetic Market from her personal savings account. From the cash register tapes, lipstick cash sales were $4,700, plus sales tax. The cost of the merchandise was $3,290. May 5 From the cash register tapes, eye shadow cash sales were $2,000, plus sales tax. The cost of the merchandise was $1,000. May 8 Sold lipstick on account to Louise Weston Co., $500, sales ticket no. 1, plus sales tax. The cost of the merchandise was $300. May 9 Sold eye shadow on account to Allison Wolcott Co., $1,300, sales ticket no. 2, plus sales tax. The cost of the merchandise was $780. May 19 May 15 Issued credit memorandum no. 1 to Louise Weston Co. for $200 for lipstick returned. (Be sure to reduce Sales Tax Payable for Callie.) The cost of the merchandise was $120. Allison Wolcott Co. paid half the amount owed from sales ticket no. 2, dated May 9. Sold lipstick on account to Dario Parkland Co., $250, sales ticket no. 3, plus sales tax. The cost of the merchandise was $150. May 21 May 24 May 25 May 29 May 29 May 31 Sold eye shadow on account to Emilio Highgate Co., $1,100, sales ticket no. 4, plus sales tax. The cost of the merchandise was $660. Issued credit memorandum no. 2 to Dario Parkland 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: $950 + $57 sales tax collected. The cost of the merchandise was $475. 2. Eye shadow: $2,700+ $162 sales tax collected. The cost of the merchandise was $1,620. Sold lipstick on account to Allison Wolcott Co., $500, sales ticket no. 5, plus sales tax. The cost of the merchandise was $150. Received payment from Allison Wolcott Co. of sales ticket no. 5, dated May 29. Start by recording to the accounts receivable subsidiary ledger. Use the appropriate dates as transaction references. Calculate the ending balance of each account and place it on the appropriate side of the T account. Review the journal entries in Requirement 1. May Bal. May Louise Weston Co. May Accounts Receivable Subsidiary Ledger Allison Wolcott Co. May May Dario Parkland Co. May May Bal. Bal. Bal. Bal. Bal. Emilio Highgate Co. May Bal. Bal. Complete the partial general ledger below. Use transaction dates as posting references. Calculate the ending balance of each account and place it on the appropriate side of the T account. (For dates that require more than one posting to the same account, post in the same order as the journal entries you prepared above.) Review the journal entries in Requirement 1. Partial General Ledger Cash Accounts Receivable Sales Tax Payable May May May May May May Bal. May Bal. May Bal. Bal. Callie Carson, Capital May Bal. Sales Returns and Allowances May Bal. Bal. Bal. Lipstick Sales Eye Shadow Sales May May May May Bal. Bal. Bal. Bal. Bal. Bal. Cost of Goods Sold, Lipstick May May Merchandise Inventory, Lipstick Merchandise Inventory, Eyeshadow May 1 16,000 May May 1 8,000 May Bal. Bal. Bal. Bal. Bal. Requirement 2. Prepare a schedule of accounts receivable for the end of May. Review the accounts receivable subsidiary ledger from Requirement 1. Callie's Cosmetic Market Schedule of Accounts Receivable May 31, 202X Louise Weston Co. Allison Wolcott Co. Dario Parkland Co. Emilio Highgate Co. Total Accounts Receivable Bal. May Cost of Goods Sold, Eye Shadow May Bal.