Select transactions and other information pertaining to Anne Greene Ltd. (AGL) are detailed below. 

Facts: 

a. AGL is domiciled in Vancouver, British Columbia, and all purchases and sales are made in BC. 

b. The PST rate in BC is 7%. The GST rate is 5%. 

c. The balances in AGL’s GST recoverable, GST payable, and PST payable accounts as at June 30, 2018, were $21,000, $20,000, and $22,000, respectively. 

d. AGL uses a perpetual inventory system. 

e. Inventory is sold at a 50% markup on cost. (Cost of goods sold is two-thirds of the sales price.) 

Select transactions in July 2018: 

1. AGL purchased inventory on account at a cost of $40,000 plus applicable taxes. 

2. Cash sales—AGL sold inventory for $30,000 plus applicable taxes. 

3. Sales on account—AGL sold inventory for $60,000 plus applicable taxes. 

4. At the end of the month, AGL remitted the net amount of GST owing to the Canada Revenue Agency and the PST payable to the Province of BC. 

Required:

Prepare summary journal entries to record the transactions detailed above. Remember that the purchase of inventory for resale is PST exempt.