This chapter will require you to record and post the sales and cash receipts transactions shown below. A month has elapsed since Precision Computer Centres year-end. Tony Freedman will use four specialized journals for recording business transactions in the month of Septembertwo in this chapter, and two in Chapter7. To assist you in recording the following transactions, the schedule of accounts receivable as of August 31 is shown below. An updated chart of accounts with the current balance listed for each account is provided on page 306. The partial September transactions are as follows: 2022 Sept. 3 Sold $700 worth of merchandise to Taylor Golf on Credit, sales invoice No. 12680; terms are 2/10, n/30. The cost of inventory was %490. 9 Received from Taylor Golf balance owing as of August 31. 10 Sold $3000 worth of merchandise on account to Anthony Pitale, sales invoice No. 12681; terms are 2/10, n/30. The cost of inventory was $2,100. 10 Collected $12,000 for cash sales for the week of September 10. The cost of inventory was $8,400. 17 collected balance in full from invoice No. 12681, Anthony Pitale. 23 Sold $4,000 worth of merchandise on account to Vita Needle, sales invoice No. 12682; terms are 4/10, n/30. The cost of inventory was $2,800. 27 issued credit memorandum to Taylor Golf for $400 worth of defective merchandise, invoice No. 12680. The inventory was not returned. Cost of inventory was $280. 30 sold $1,600 worth of merchandise to Anthony Pitale, invoice No. 12683; terms 2/10, n/30. The cost of inventory was $1,120. 30 Collected full payment from Vita Needle, invoice No. 12682. Schedule of Accounts Receivable Precision Computer Centre August 31, 2022. Taylor Golf $2,500.00 Carson Engineering 6,240.00 Total Amount Due $8,740.00 Assignment: (Excel templates for this Continuing Problem are available in MyLab Accounting.) 1. Journalize the transactions in the appropriate journals (cash receipts, sales, or general journals). 2. Record in the accounts receivable subsidiary ledger and post to the general ledger as appropriate. A partial general ledger is included in the Excel templates. 3. Prepare a schedule of accounts receivable, as of September 30, 2022. PRECISION COMPUTER CENTRE CHART OF ACCOUNTS AND CURRENT BALANCES AS OF 8/31/2022. Account Account Name Debit Credit Balance Balance 1000 Cash 119500 1020 Accounts Receivable 874000 1025 Prepaid rent 1030 Supplies 45000 1040 Merchandise Inventory 1510000 1080 Computer Shop Equipment 380000 1081 Accumulated Depreciation, computer 9900 Shop Equipment 1090 Office Equipment 105000 1091 Accumulated Depreciation, Office 2000 Equipment 2000 Accounts Payable 104100 2030 Other Amounts Payable 181018 3000 T. Freedman, Capital 740600 3010 T. Freedman, Withdrawals 201500 3020 Income Summary 4000 Service Revenue 4010 Sales 2814982 4020 Sales Returns and Allowance 4030 Sales Discounts 5000 Cost of Goods Sold 5010 Advertising Expense 48000 5020 Rent Expense 40000 5030 Utilities Expense 9500 5040 Phone Expense 14600 5050 Supplies Expense 5060 Insurance Expense 5070 Postage Expense 2500 5080 Depreciation Expense, Computer Shop Equipment 5090 Depreciation Expense, Office Equipment 5100 Miscellaneous Expense 1000 5110 Wages Expense 502000 5120 Payroll Benefits Expense 000 5130 Interest Expense 5140 Bad Debt Expense Totals 3852600 3852600