Requirements - X May 202X Transactions 1. Journalize, record, and post as appropriate using the perpetual method of accounting for inventory. Beginning balances of Merchandise Inventory is $12,000 for lipstick and $14,000 for eye shadow. May 1 May 5 2. Prepare a schedule of accounts receivable for the end of May. May 5 May 8 Print Done May 9 Question S Cora Sullivan invested $6,500 in Cora's Cosmetic Market from her personal savings account. From the cash register tapes, lipstick cash sales were $5,000, plus sales tax. The cost of the merchandise was $3,500. From the cash register tapes, eye shadow cash sales were $2,000, plus sales tax. The cost of the merchandise was $1,000. Sold lipstick on account to Libby Kaney Co., $250, sales ticket no. 1, plus sales tax. The cost of the merchandise was $150. Sold eye shadow on account to Aaron Kowalski Co., $700, sales ticket no. 2, plus sales tax. The cost of the merchandise was $420. May 15 Issued credit memorandum no. 1 to Libby Kaney Co. for $150 for lipstick returned. (Be sure to reduce Sales Tax Payable for Cora.) The cost of the merchandise was $90. Aaron Kowalski Co. paid half the amount owed from sales ticket no. 2, dated May 9. Sold lipstick on account to Delane Montgomery Co., $500, sales ticket no. 3, plus sales tax. The cost of the merchandise was $300. May 24 Sold eye shadow on account to Evan Simpson Co., $700, sales ticket no. 4, plus sales tax. The cost of the merchandise was $420. May 25 May 29 Issued credit memorandum no. 2 to Delane Montgomery Co. for $450 for lipstick returned from sales ticket no. 3, dated May 21. The cost of the merchandise was $270. Cach calos taken from the cach resistor tano chowed the following May 19 Date Account Titles May 21 May 1 May 5: From the cash register tapes, lipstick cash sales Begin by recording the sale portion of the entry. Do not re Date Account Titles Print Done