Exercise 11-2 (similar to) Question Help Prepare the journal entries for Monarch Merchandising, assuming that Monarch Merchandising uses a perpetual inventory system. Monarch Merchandising charges GST on all its sales at the rate of 5 percent and pays GST on all its purchases at the rate of 5 percent. Explanations are not required. (Click the icon to view the transactions.) Prepare the journal entries for Monarch Merchandising. May 8. Purchased inventory, on account, FOB destination, from Sunnyside Wholesale. $3,000 plus applicable GST. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest whole dollar.) General Journal Date Accounts Debit Credit May 8 Accounts Payable Accounts Receivable Cash Cost of Goods Sold GST Payable GST Recoverable Inventory Sales Revenue Choose from any list or enter any number in the input fields and then click Check Answer. ? Sunn X for Data Table D May 8 Purchased inventory, on account, FOB destination, from Sunnyside Wholesale. $3,000 plus applicable GST. 10 Returned defective merchandise to Sunnyside, $450 plus applicable GST. 12 Sold merchandise to Delicious Store on account for $4,800 plus applicable GST. Cost of the merchandise sold was $1,600. 28 Collected balance on account from Delicious Store. 30 Paid balance on account to Sunnyside. June 15 Prepared the remittance payment of GST based on only the above transactions in May. Print Done