Refer to the data for DeGroot Limited in BE13-7. Assume now that DeGroot purchased $29,400 of merchandise

Question:

Refer to the data for DeGroot Limited in BE13-7. Assume now that DeGroot purchased $29,400 of merchandise inventory in July on which 5% GST was levied. DeGroot uses the periodic inventory system. Prepare the summary entry to record the purchases for July and the subsequent entry to record the payment of any GST owing to the government.