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ACCIAIS - Homework Exercise: X X Ask a Question X -> Ims.latrobe.edu.au/pluginfile.php/5984295/mod_resource/content/10/ACC1AIS%20-%20Homework%20Exercises%20week%202.pdf G Apps AmazonBrowserBar Lenovo Poketalk with Len... Wiley Australia: Fi... VitalSource Accou Financial Accounti... Chapter-4-CORE-... [ ProQuest Ebook C... ACC1AIS - Homework Exercises week 2.pdf 1/ 3 C: 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 Purchased 280 phones on credit for $308 each (incl. GST) from Sutherland Electronics, terms 2/10, n/30. March 05 Sold 325 phones on credit to Phone Phanatics for $715 each (incl. GST). March 08 Received $1,848 credit (incl. GST) for 6 damaged phones returned to Sutherland Electronics. March 11 Paid Sutherland Electronics in full, less discount. March 11 Received payment in full from Phone Phanatics. March 18 Sold 60 phones on credit to Kingsford Phones for $682 each (incl. GST); terms 2/10, n/30. March 20 Purchased 80 phones on credit for $308 each (incl. GST) from Oakhurst International, terms 2/15, n/30. March 24 Received payment in full from Kingsford Phones, Less discount. March 26 Paid Oakhurst international in full, less discount. March 29 Sold 98 phones on credit to Hinchinbrook Phone Shop for $715 each (incl. GST). March 31 Granted Hinchinbrook Phone Shop $5,005 (incl. GST) for 7 phones returned, which cost $1960 (excl. GST). March 31 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