ACC1AIS-Workshop 2 Homework Exercises Exercise 1-Journal entries - Perpetual Inventory System + GST On 28 February 2019, Darwin-based entity, Phonee Partners, had inventory of 480 phones at a total cost of $134,400 (excl. GST). The business maintains a perpetual inventory system. The following transactions occurred during March 2019: The business is registered for GST. March 02 March 05 March 08 March 11 March 11 March 18 March 20 March 24 March 26 March 29 March 31 March 31 Purchased 280 phones on credit for $308 each (incl. GST) from Sutherland Electronics, terms 2/10, n/30. Sold 325 phones on credit to Phone Phanatics for $715 each (incl. GST). Received $1,848 credit (incl. GST) for 6 damaged phones returned to Sutherland Electronics. Paid Sutherland Electronics in full, less discount. Received payment in full from Phone Phanatics. Sold 60 phones on credit to Kingsford Phones for $682 each (incl. GST); terms 2/10, n/30. Purchased 80 phones on credit for $308 each (incl. GST) from Oakhurst International, terms 2/15, n/30. Received payment in full from Kingsford Phones, Less discount. Paid Oakhurst international in full, less discount. Sold 98 phones on credit to Hinchinbrook Phone Shop for $715 each (incl. GST). Granted Hinchinbrook Phone Shop $5,005 (incl. GST) for 7 phones returned, which cost $1960 (excl. GST). The ending inventory determined by physical count was $98,000 (excl. GST). Phonee Partner's chart of accounts contained the following accounts: Cash at Bank, Sales, Accounts Receivable, Discount Allowed, Inventory, Sales Returns and Allowances, Accounts Payable, Cost of Sales, Discount Received, GST Collected, GST Paid. Required Prepare journal entries for the above transactions for the month of March 2019 for Phonee Partners, including any required adjusting entry(ies) for inventory shortage expense. Narrations are NOT required.