Peru Ltd had the following transactions during the month of September. The business is registered for GST and all transactions provided below are INCLUSIVE of GST. September 1 Sold inventory on account to J Jurb, for $3,850, terms 2/10, n/30. 1 Borrowed $9,000 cash from the bank at 10% p.a. Interest accrues monthly on the loan. 8 Made cash sales for the week totaling $2,178 10 Sold inventory on account to T Wyse, for $638, terms 1/7, n/30. 11 Received payment from J. Jurb. 17 Sold inventory on account to J Raffe, for $4,400, terms 2.5/14, n/30. 18 Jamie Fox (the owner) invested additional cash of $6,500 into the business. 19 Issued a credit note to J.Raffe for returned goods sold on credit for $440. 23 Sold inventory to P Donald for $1,100 cash 30 Received payment from J. Raffe. 30 Purchased store furniture on credit terms from Cortina Ltd for $6,050, terms n/60. Required: 1. Record the transactions for the month of September in the journals provided below Total the special journals. Ignore narrations. Round amounts to the nearest whole $. [16 marks] 2. Post the necessary entries to the GST (10%)Collected account in the General Ledger. Balance and total the account. [4 marks] 3. Since all necessary detail is recorded in subsidiary ledgers for customers, Accounts Receivable Control account in the general ledger could be dispensed with. Discuss. [4 marks]

Must include GST collected ledger account