In your working papers, all the beginning balances needed are provided for the accounts receivable subsidiary and general ledgers. The following transactions occurred for Peaker€™s Sneaker Shop of Dartmouth:

Required
a. Journalize the transactions in the appropriate journals.
b. Record and post as appropriate.
c. Prepare a schedule of accounts receivable.

2012 May Mark Peaker invested an additional $14,000 in the sneaker 3 4 8 11 18 21 22 store. Sold $2,000 worth of merchandise on account to B. Dale, sales invoice No. 60, terms 1/10, n/30. Sold $900 worth of merchandise on account to Ron Lester, sales invoice No. 61, terms 1/10, n/30 Sold $600 worth of merchandise on account to Jim Zon, sales invoice No. 62, terms 1/10, n/30 Received cash from B. Dale in payment of May 3 transaction, sales invoice No. 60, less discount. Sold $4,000 worth of merchandise on account to Pam Pry, sales invoice No. 63, terms 1/10, n/30 Received cash payment from Ron Lester in payment of May 4 transaction, sales invoice No. 61. Collected cash sales, $6,000 Issued credit memorandum No. 1 to Pam Pry for $500 worth of merchandise returned from May 18 sale. 25 May Received cash from Pam Pry in payment of May 18 sales invoice No. 63. (Don't forget about the credit memo and discount.) Collected cash sales, $12,000. Sold sneaker rack equipment for $200 cash. (Beware.) Sold $6,000 worth of merchandise on account to Ron Lester, sales invoice No. 64, terms 1/10, n/30. Issued credit memorandum No. 32 to Ron Lester for $800 worth of merchandise returned from May 29 transaction, sales invoice No. 64. 25 28 28 29 31