Al Franklin opened Al's Cosmetic Market on December 1. An 8% sales tax is calculated and added to all cosmetic sales. Al offers no sales discounts. The following transactions occurred in December:

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Dec. 1 Al Franklin invested $6,000 in the Cosmetic Market from his personal savings account.

5 From the cash register tapes, lipstick cash sales were $5,100, plus sales tax.

5 From the cash register tapes, eye shadow cash sales were $1,700, plus sales tax.

8 Sold lipstick on account to Alexander Kozlosky Co., $200, sales ticket no. 1, plus sales tax.

9 Sold eye shadow on account to Douglas Sabin Co., $800, sales ticket no. 2, plus sales tax.

15 Issued credit memorandum no. 1 to Alexander Kozlosky Co. for $100 for lipstick returned. (Be sure to reduce Sales Tax Payable for Al.)

19 Douglas Sabin Co. paid half the amount owed from sales ticket no. 2, dated

December 9.

21 Sold lipstick on account to John Tobin Co., $350, sales ticket no. 3, plus sales tax.

24 Sold eye shadow on account to Edward Wease Co., $1,000, sales ticket no. 4, plus sales tax.

25 Issued credit memorandum no. 2 to John Tobin Co. for $250 for lipstick returned from sales ticket no. 3, dated December 21.

29 Cash sales taken from the cash register tape showed the following:

1. Lipstick: $900 + $72 sales tax collected.

2. Eye shadow: $2,900 + $232 sales tax collected.

29 Sold lipstick on account to Douglas Sabin Co., $300, sales ticket no. 5, plus sales tax.

31 Received payment from Douglas Sabin Co. of sales ticket no. 5, dated

December 29.

Required

1. Journalize, record, and post as appropriate.

2. Prepare a schedule of accounts receivable for the end of December