Pearl Limited is a merchant operating in the province of Alberta, where PST is not applicable. Pearl uses a perpetual inventory system and the earnings approoch to revenue recognition. Transactions for the business are shown below: May 1 Paid May rent to the tandlord for the rental of a warehouse. The lease calls for monthly payments of $7,100 plus 5$ GSI. 3 Sold merchandise on account and shipped merchandise to Marvin Ltd. for $32.500, plus applicable sales taves. terms n/30, FOB shippirg point. This merchandise cost Pearl\$18,600, 5 Granted Marvin Ltdia sales allowance of $700 for defective merchandise purchased on May 3 . No merchandise was returned, The merchandise had cost $500. 7. Purchased on account from Macphee Ltd merchandise for resale for $21.000 plus applicable tax: 12. Made a cash purchase at Home Depot of a desk for the shipping clerk. The price of the desk was $400 before applicable taxes: 31 Paid the quarterly remittance of GST to the Receiver General. The balances in the accounts were as followc GST Payable $7,540 and GST Recoverable $1,899. Prepare the journal entries to record these transactions on the books of Pearl. (Record joumol entries in the order presented in the problem. Credit account tilles ane cutomatically indented when the amount is entered, Do not indent manually, List all debit entries before credit entries) (To record sales on account) (Forecord cost of goods sold.) Question 4 of 5