QUESTION 3 Melbourne-based entity. "GPS Sports Watchers" is owned by Fitzroy White. It sells GPS sports Watches to retail stores and extends credit terms of 2/10, n/30 to all its customers. The business uses a perpetual inventory system to account for its inventory. The business is been registered for GST. The GST rate is 10%. The following selected information is available for "GPS Sports Watchers" for the week ended 7 August 2020: 1st August Purchased 400 GPS sports watches on account for $500 (plus GST) each from 'Canyon Watchers'. Credit Terms: 2/15, n/30. 2nd August 4th August Returned 20 GPS sports Watches due to an error in the order to 'Canyon Watchers'. Sold 160 GPS sports Watches on account to Katzman Watch sellers for $ 900 plus GST each. Katzman Watch sellers settled their bill within the discount period. 7th August REQUIRED: Prepare the journal entries to record each transaction for the week ending 7 August 2020. (Narrations not required). NOTE: For any debit or credit transactions involving GST specify whether it is GST PAID / RECEIVABLE OR GST COLLECTED /PAYABLE as part of your journal entry (1.5 + 1.5 +2+ 2 = 7 Marks)