Question 1: Journal Entries (28 marks) The Telescope Factory is a retail business that purchases telescopes from suppliers and sell them to customers at a higher price. The business is registered for GST and uses perpetual inventory system. The following transactions occurred during May 2020. Purchased 500 telescopes on credit for $385 each (including GST) from Optics Central, terms 5/ 15, n/30. - Sold 270 telescopes on credit to Astronomy Alive for $520 each plus GST; terms 5/10, n/30. _ Received credit for the 8 damaged telescopes returned to Optics Central. Paid Optics Central for the purchase of telescopes on 1"t May. Astronomy Alive returned 5 telescopes as they were defective. Credit was :4 = nted for returned roducts. Received payment from Astronomy Alive for the sales 6th May. The Telescope Factory's chart of accounts contained the following accounts: Cash at Bank, Inventory, Accounts Receivable, GST Receivable, Accounts Payable, GST Payable, Sales, Sales Return and Allowances, Discount Received, Discount Allowed, Cost of Sales. Reguired Prepare journal entries for the above transactions for the month of May 2020 for The Telescope Factory