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 $$900$ 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 $$4,000$ worth of merchandise on account to Pam Pry$,$ sales invoice No$.63,$ terms $1/10,$ n$/30.$

$21$ 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$.63.$

$($credit memo and discount.$)$

$28$ Collected cash sales, $$12,000$

$28$ Sold sneaker rack equipment for $$200$ cash. $($Beware$.)$

$29$ Sold $$6,000$ 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$.64.$

Required

a$.$ Journalize the transactions in the appropriate journals.

b$.$ Record and post as appropriate.

c$.$ Prepare a schedule of accounts receivable as of May $31.$