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 1 July 2 July 3 July 6 July 7 July 8 July 10 July 13 July Chee Yong Chaw invested $40,320 cash and $23,520 office equipment into the business. Purchased inventory from L Cao on account for $10,080 plus GST; terms 2/15, n/30. Paid July rental of $4,030 plus GST; by interbank transfer to Prime Properties Ltd. Purchased inventory from Difabio Ltd on account for $8,180 plus GST; terms n/30. Sold inventory to ] Ellis on account for $2,240 plus GST; terms 2/15, n/30. Received July rental of $1,010 plus GST for space sublet to Perth Services. Purchased stationery supplies for $2,240 plus GST; cheque no. 124. Purchased inventory for cash $2,220 plus GST. Sold inventory to Giola Ltd on account for $5,040 plus GST; terms 2/10, n/30. Purchased inventory from O Hee on account for $6,720 plus GST; terms 2/10, n/30. 14 Paid L Cao for 2 July purchase with an interbank transfer. July 15 July 19 July 21 Received $2,415 from ) Ellis in payment of her account. Sold inventory to O Kaddish on account for $5,150 plus GST; terms 2/10, n/30. Received $5,433 from Giola Ltd in payment of its account. Sold inventory to Modra Ltd on account for $4,030 plus GST; terms 2/10, n/30. Paid O Hee for 14 July purchase; cheque no. 125. July Purchased inventory from L Cao on account for $6,160 plus GST; terms 2/15, n/30. July 23 July Sold inventory for cash, $3,250 plus GST. 26 July 28 R eturned defective inventory that cost $1,340 to L Cao. July 29 Sold merchandise to I Nizic on account for $9,180 plus GST; terms 2/10, n/30. July 30 Purchased merchandise from A Romeo on account for $2,020 plus GST; terms 1/10, n/30. Paid month's salary of office assistant, $3,580 by interbank transfer. Prepare journal entries for July 2016, using appropriate journals. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) Cash receipts journal Debits Credits Account Post ref. Cash at bank Disc. all'd GST collect Sales GST collect A/cs.reclable Other a/cs. Date 2016 July 1 July 7 July 19 July 21 July 26 Cash payments journal Account Ch. Post no. ref. Other Acc/s payable Purchases GST rec'able Cash at bank Disc, rec'd GST receivable Date 2016 July 2 BPay July 8 124 July 10 July 15 BPay July 22 V 125 Trf July 30 General journal Date 2016 Particulars Debit Credit July 1 (Equipment contributed by owner) July 28 (Return of defective goods) Purchases journal Post ref. Purchases GST Receivable Accounts Payable Account Terms Date 2016 July 2 2/15, n/30 V July 3 July 14 4 n/30 # 2/10, n/30 2/15, n/30 July 23 V July 30 1/10, n/30 V Postres Pour Sales GST payal Account Terms Post ref. Sales GST payable Accounts receivable Date 2016 July 6 2/15, n/30 V July 13 July 19 42/10, n/30 2/10, n/30 * 2/10, n/30 # 2/10, n/30 V V V v July 21 July 29