Prepare the journal entries for Passport Merchandising, assuming that Passport Merchandising uses a perpetual inventory system. Passport Merchandising charges GST on all its sales at the rate of 5 percent and pays GST on all its purchases at the rate of 5 percent. Explanations are not required. (Click the icon to view the transactions.) Prepare the journal entries for Passport Merchandising May 8. Purchased inventory, on account, FOB destination, from Seguin Wholesale $2,000 plus applicable GST (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest whole dollar.) May Date 8 General Journal Accounts Debit Credit