Question Help Prepare the journal entries for Monarch Merchandising, assuming that Monarch Merchandising uses a perpetual inventory system. Monarch 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 Monarch Merchandising May & Purchased inventory, on account, FOB destination from Sintas Wholesale $2,200 plus applicable GST. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest whole dollar.) General Journal Data Table Date Accounts Debit Credit May May 8 Purchased inventory, on account, FOB destination from Sintas Wholesale $2,200 plus applicable GST 10 Returned defective merchandise to Sintas, $330 plus applicable GST 12 Sold merchandise to Maxx Store on account for $3,600 plus applicable GST Cost of the merchandise sold was $1,100. 28 Collected balance on account from Maxx Store 30 Paid balance on account to Sintas June 15 Prepared the remittance payment of GST based on only the above transactions in May. Choose from any ustar enter any number in the input fields and then click Check Answer Print Dane 6 per