Question

For each of the following transactions, identify whether inventory and GST are impacted, the journal that would be used to process the transaction and which subsidiary ledger will be impacted. If no ledger is impacted slect "N/A".

A selection must be made from each dropdown menu.

Transaction	Inventory Y/N	GST Y/N	Journal	Subsidiary Ledger
Sold inventory on account	Answer Y or N	AnswerY or N	Answer? Sales Journal, Purchases JournalCash Receipts JournalCash Payments JournalGeneral Journal	Answer? Accounts ReceivableAccounts PayableN/A
Paid for inventory purchased in a previous period on credit	AnswerY or N	AnswerY or N	Answer Sales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal	AnswerAccounts ReceivableAccounts PayableN/A
Received interest income	AnswerY or N	AnswerY or N	AnswerSales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal	AnswerAccounts ReceivableAccounts PayableN/A
Purchased inventory on account	AnswerY or N	AnswerY or N	AnswerSales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal	AnswerAccounts ReceivableAccounts PayableN/A
Paid rent	AnswerY or N	AnswerY or N	AnswerSales JournalPurchases JournalCash Receipts JournalCash Payments JournalGeneral Journal	AnswerAccounts ReceivableAccounts PayableN/A

Answer 1

Transaction	Inventory	GST	Journal	Subsidiary Ledger
Sold inventory on account	Yes	yes	Sales Journal	Accounts Receivable
			General Journal
Paid for inventory purchased in a previous period on credit	No	No	Purchases Journal	Accounts Payable
			General Journal
Received interest income	No	No	Cash Receipts Journal	N/A
			General Journal
Purchased inventory on account	Yes	Yes	Purchases Journal	Accounts Payable
			General Journal
Paid rent	No	No	Cash Payments	N/A
			General Journal