Prepare general journal entries for the following four transactions for Entity Ltd. In this question GST is applicable; the NZ rate of GST is 15%. Entity Ltd uses the perpetual inventory system. For this question, do not prepare the journal entry to recognise the COGS.

GST exclusive = the cost of the inventory purchased or the sale price without GST INVOICE Calculate the GST = $100 x 15% Whatever x 4 items $100 GST 15 GST inclusive = total invoice amount Total payable $115 Prepare general journal entries for the following four transactions for Entity Ltd. In this question GST is applicable; the NZ rate of GST is 15%. Entity Ltd uses the perpetual inventory system. For this question, do not prepare the journal entry to recognise the COGS. Transaction Type of transaction: Cost of inventory and sale price Invoice total without GST = GST inclusive = GST exclusive 1 Credit purchase of inventory $26 000 2 Credit sale $26 000 3 Cash purchase of inventory $26 000 4 Cash sale $26 000