Question: Problem 7.10 Special journals, periodic inventory system, GST Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end

Problem 7.10 Special journals, periodic inventory system, GST Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July Chee Yong Chaw invested $36 000 cash and $21 000 office equipment into the business. NP Purchased inventory from L. Cao on account for $9000 plus GST; terms 2/15, n/30. Paid July rental of $3600 plus GST; by interbank transfer to Prime Properties Ltd. W Purchased inventory from Difabio Led on account for $7300 plus GST; terms n/30. Sold inventory to J. Ellis on account for $2000 plus GST; terms 2/15, n/30. Received July rental of $900 plus GST for space sublet to Perth Services. 8 Purchased stationery supplies for $2000 plus GST; cheque no. 124. 10 Purchased inventory for cash $1980 plus GST. 13 Sold inventory to Giola Lid on account for $4500 plus GST; terms 2/10, n/30. 14 Purchased inventory from O. Hee on account for $6000 plus GST; terms 2/10, n/30. 15 Paid L. Cao for 2 July purchase with an interbank transfer. 19 Received $2156 from J. Ellis in payment of her account. Sold inventory to O. Kaddish on account for $4600 plus GST; terms 2/10, n/30. 21 Received $4851 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $3600 plus GST; terms 2/10, n/30. 22 Paid O. Hee for 14 July purchase; cheque no. 125. 23 Purchased inventory from L. Cao on account for $5500 plus GST; terms 2/15, n/30. 26 Sold inventory for cash, $2900 plus GST. 28 Returned defective inventory that cost $1200 to L. Cao. 29 Sold merchandise to I. Nizic on account for $8200 plus GST; terms 2/10, n/30. 30 Purchased merchandise from A. Romeo on account for $1800 plus GST; terms 1/10, n/30 Paid month's salary of office assistant, $3200 by interbank transfer. Required A. Prepare journal entries for July 2016, using appropriate journals. B. Prepare the following ledger accounts (I format) for July 2016: 1. Accounts Receivable Control 2. Accounts Payable Control 3. Cash at Bank 4. Purchases

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