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The following transactions occurred for Peaker's Sneaker Shop of Dartmouth. The cost of goods sold for all merchandise is 7 5 % of the sale
The following transactions occurred for Peaker's Sneaker Shop of Dartmouth. The cost of goods sold for all merchandise is of the sale price. This also applies to inventory items returned.
May Mark Peaker invested an additional $ in the sneaker store.
Sold $ worth of merchandise on account to B Dale, sales invoice No terms
Sold $ worth of merchandise on account to Ron Lester, sales invoice No terms
Sold $ worth of merchandise on account to Jim Zon, sales invoice No terms
Received cash from B Dale in payment of May transaction, sales invoice No less discount.
Sold $ worth of merchandise on account to Pam Pry sales invoice No terms
Received cash payment from Ron Lester in payment of May transaction, sales invoice No
Collected cash sales, $
Issued credit memorandum No to Pam Pry for $ worth of defective merchandise from May sale. The merchandise was not returned to inventory.
Received cash from Pam Pry in payment of May sales invoice Nocredit memo and discount.
Collected cash sales, $
Sold sneaker rack equipment for $ cash. Beware
Sold $ worth of merchandise on account to Ron Lester, sales invoice No terms
Issued credit memorandum No to Ron Lester for $ as a sales allowance for incorrect colour from May transaction, sales invoice No
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
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