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.

1. Inventory purchased from a supplier and paid for in cash. The cost of the inventory was $150 798.

2. Inventory purchased from a supplier on credit. The total invoice amount was $173 418.

3. Inventory sold to a customer for cash. The invoice total was $13 799

.4. Inventory sold to a customer on credit. The inventory sale price (GST exclusive) was $11 999.