Problem 7.24 Special Journals, Periodic inventory system (No GST) Chee Yong Chaw began his business on 1 July 2019. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2019 were as follows: July Chee Yong Chaw invested $36000 cash and $21 000 office equipment into the 2 Purchased inventory from L. Cao on account for $9000; terms 2/15, n/30 Paid July rental of $3600; by interbank transfer to Prime Properties Ltd. 3 Purchased inventory from Difabio Ltd on account for $7300 erms n/30 6 Sold inventory to J. Ellis on account for $2000; terms 2/15, n/30. 7 8 10 13 14 15 19 Received July rental of $900 for space sublet to Perth Services. Purchased stationery supplies for $2000; cheque no. 124 Purchased inventory for cash $1980 Sold inventory to Giola Ltd on account for $4500; terms 2/10, n/30. Purchased inventory from O. Hee on account for $6000; terms 2/10, n/30 Paid L. Cao for 2 July purchase with an interbank transfer Received $2156 from J. Ellis in payment of her account. Sold inventory to O. Kaddish on account for $4600; terms 2/10, n/30. Received $4851 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $3600; terms 2/10, n/30. 21 22 Paid O. Hee for 14 July purchase; cheque no. 125. 23 Purchased inventory from L. Cao on account for $5500; terms 2/15, n/30 26 Sold inventory for cash, $2900 28 Returned defective inventory that cost $1200 to L. Cao 29 Sold merchandise to I. Nizic on account for $8200; terms 2/10, n/30. 30 Purchased merchandise from A. Romeo on account for $1800; terms 1/10, n/30. Paid month's salary of office assistant, $3200 by interbank transfer (a) Prepare journal entries for July 2019, using appropriate journals (b) Prepare the following ledger accounts (T format) for July 2019 i Accounts Receivable Control i. Accounts Payable Control iii Cash at Bank iv. Purchases