Charise Canton opened Charise’s Cosmetic Market on May 1. A 16% sales tax is calculated and added to all cosmetic sales. Charise offers no sales discounts. The following transactions occurred in May:

Required
1. Journalize, record, and post as appropriate using the perpetual method of accounting for inventory. Beginning balances of Merchandise Inventory is $11,000 for lipstick and $10,000 for eye shadow.
2. Prepare a schedule of accounts receivable for the end of May.

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202X May 1 Charise Canton invested $9,500 in Charise's Cosmetic Market from her personal savings account. 5 From the cash register tapes, lipstick cash sales were $4,600, plus sales tax. The cost of the merchandise was $3,000. 5 From the cash register tapes, eye shadow cash sales were $1,900, plus sales tax. The cost of the merchandise was $890. 8 Sold lipstick on account to Lois Kozak Co., $550, sales ticket no. 1, plus sales tax. The cost of the merchandise was $325.