max peney owns peney s sneaker shop balances as of august 1 are provided for the acc 3384313

Max Peney owns Peney s Sneaker Shop. (Balances as of August 1 are provided for the accounts receivable and general ledger accounts as follows: Donovan, $375 Dr.; Littler, $900 Dr.; Pry, $750 Dr.; Zamora, $350 Dr.; Cash, $16,500 Dr.; Accounts Receivable, $2,375 Dr.; Sneaker Rack Equipment, $1,000 Dr.; Max Peney, Capital, $42,000 Cr.; Sales, $2,400 Cr. Be sure to put them in your working papers.) The following transactions occurred in August: 201X August 1 Max Peney invested an additional $13,500 in the sneaker store. 3 Sold $600 of merchandise on account to B. Donovan, sales ticket no. 70; terms 4/10, n/30. 4 Sold $400 of merchandise on account to Ron Littler, sales ticket no. 71; terms 4/10, n/30. 9 Sold $100 of merchandise on account to Jim Zamora, sales ticket no. 72; terms 4/10, n/30. 10 Received cash from B. Donovan in payment of August 3 transaction, sales ticket no. 70, less discount. 20 Sold $4,000 of merchandise on account to Page Pry, sales ticket no. 73; terms 4/10, n/30. 22 Received cash payment from Ron Littler in payment of August 4 transaction, sales ticket no. 71. 23 Collected cash sales, $3,000. 24 Issued credit memorandum no. 1 to Page Pry for $2,100 of merchandise returned from August 20 sales on account. 26 Received cash from Page Pry in payment of August 20 sales ticket no. 73. (Don t forget about the credit memo and discount.) 28 Collected cash sales, $6,600. 30 Sold sneaker rack equipment for $650 cash. (Beware, sold at cost.)

 

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