From the transactions of A Gregory for the month of July 2022 where perpetual inventory applies, prepare the sales, purchases, cash receipts and cash payments journals (or general journal); post to the extract general ledger and prepare a trial balance. Ignore or disregard any cents in your calculations.

Note that by ignoring the cost details of inventory sold, the question can also be answered as if periodic inventory operates. The Workbook that accompanies this text will allow you to complete this question using both inventory systems.

3 Sold goods on credit to J Stone $2013 ($1830 + $183 GST), at a cost of $1006.

4 Purchased stock from Reid & Co, paid using a debit card $363 ($330 + $33 GST).

10 Remitted funds received from G Byrt, goods then despatched, for $968 ($880 + $88 GST), at a cost of $484.

10 Direct deposit made into bank account from Davis R Estate being rent received for the following month

$814 ($740 + $74 GST).

13 Remitted wages for fortnight ended 12 July $1950.

15 Funds remitted to RAGS Autos for second-hand motor vehicle $2695 ($2450 + $245 GST).

17 Credit sale of trading goods to J Stone for $2607 ($2370 + $237 GST), cost $1303.

17 Remittance received from P Carmichael for inventory despatched today for $1518 ($1380 + $138 GST), which cost $759.

20 Funds received direct into bank account from credit customer J Stone $4620.

20 Credit sale of inventory to G Shinfield $1859 ($1690 + $169 GST); cost of sales was $929.

20 Purchased machinery on credit from Machine Sales Co for $4587 ($4170 + $417 GST).

23 Remitted funds to Machine Sales Co $4587.

24 Sold old machine at book value to C Dolanski for $880 ($800 + $80 GST).

25 Adjustment credit note sent to G Shinfield for goods returned $77 ($70 + $7 GST) at a cost of $38.

25 Purchased inventory from K King with a debit card $638 ($580 + $58 GST).

25 Funds received direct into account from L Variko for cash sale $1683 ($1530 + $153 GST), cost $841.

27 Trading goods purchased on credit from G Demby $517 ($470 + $47 GST).

27 J Shumack sold inventory on credit to A Gregory $176 ($160 + $16 GST).

27 Remitted wages for fortnight ended 26 July $2000.

29 Direct deposit into bank for rent received from Holmes Real Estate for next month $1298

($1180 + $118 GST).