On July 10, Kruse Company, a business located in Aberta, purchased 1,000 of inventory for resale on our only 25, Krause recorded the sale of that merchandise on account for $16,000 plus ta on August 10. Kremited GST to the Rectivereers. They had no other sales or input tax credits. Journalize all the transactions Begin by ournaling the purchase of invertory on account Record debits for the credits Exclude explanations from journal entries) General Journal Begin by journalizing the purchase of inventory on account. (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Jul 10 Next, record the sale of merchandise on account for $16,000 plus tax. Begin with the sale transaction. General Journal Date Accounts Debit Credit Jul 25 Now that we have recorded the sale, we can update inventory. Recall that all of the goods purchased were sold. General Journal Date Accounts Debit Credit Jul 25 The final journal entry is for the GST remittance to the Receiver General General Journal Date Accounts Debit Credit Aug 10