Cloud you help me to answer the exercise 4.2?Thank you so much!

13. when a business pays GSTto suppliers it records: (alin asset. (b)a liability. (clan expense, ldla revenue. 1. If a nusiness uses a GST clearing account to record GST transactions, then ssr paid would: (alhe recorded as a credit to the 551 clearing account. (olne recorded as a debit tn the GSYclearing account. (duct be recorded In the GSI' clearing account. (d)be recorded as both a debit and a credit to the Gsr clearing accounts EXERCISES E41 Journalise perpetual inventory Irmaclinm. 0n 1 July Queenscliff Pty Ltd sold inventory to Stokers Pty Ltd for 320 000. The credit terms were 3/10, n/30. Stokers Pty Ltd paid the account promptly on 10 July and uses the perpetual inventory system to reoord transactions. Required (a) Record the purchase and payment of inventory in the accounts of Stokers Pty Ltd. (b) Assume Stokers Pty Ltd decided to record the discount as a credit to inventory. Record the journal entry. (0) What is the dicrence between the effect on (i) profit and (ii) assets between the treatment of the discount in parts (a) and (b)? mistyonmmiuisnmutmzcmwwmmmnw PROBLEM SET A PSAM Journalise, post, prepare pam'al statement ofprar or loss and calculate ratios. Paperrnarlr Ltd completed the following inventory transactions in the month of May, At the beginning ofMay, Paperrnark Ltd's ledger showed Cash $3500 and Share Capital 33500. Sold inventory on account for $3150, terms 2/7. nl30, The cost of the inventory sold was $2100. Purchased inventory on account hont Pen & Paper Wholesale Supply for $4200. terms 2/7. n/30. Retumed inventory and received credit from Pen & Paper Wholesale Supply for 3140. 9 Received amounts owing from customs-s invoiced on sales (33150 on 2 May loPaid Pen & Paper Wholesale Supply the amount owing 11 Purchased supplies for cash $630. \"Purchased inventory {or cash $1680. Returned goods and received a refund {or poor-quality inventory from supplier on cash purchase Sll. 20 Purchased inventory from Harlow Distributors for $1330. terms 2/7. n/30. 21 Paid freight to DH]. on 20 May purchase $175. 24 Sold inventory for cash $4340. The cost ofthe inventory sold was $3038. 25 Purchased inventory from Art World Ltd for $700, terms 2/7, n/30. 27 Paid Harlow Distributors the amount outstanding. Made refunds to cash customers for inventory sold for $70. The relumed inventory had cost 349. The inventory returned was not faulty Sold invenlory on account for $1120, terms n/304 The cost of the inventory sold was 3784. Papennsrk Ltd's chart of accounu includes 100 Cash, 110 Accounts Receivable, 120 lav-tory, 130 Supplies, 200 Accounts Pawble, 300 Share Capital, 400 Sales, 405 Sales Returns and Allowances, 410 Discount Received, 500 Discount Allowed, 505 Cost of Sales, and 510 Freight Inwards. Required (a) loumalise the transactions using a perpetual inventory system. (17) Post the transactions to 1 accounts Be sure to enter the beginning Cash and Share Capital balances. (c) Prepare a statem-t of prot or loss up to gross prot for the month osty 2015. (d) Calculate the prot margin ratio and the gross prot ratio. (Assume operating expenses were 3980 and the income tax expense was $133.) Mayz S 15 29 31 hunc'llwwwWmmnvluwm/Acmwomzrmw