Ajman$-$Retail$-$Mart$-$Mart LLC completed the following merchandising transactions in the month of March $2024.$ At the beginning of March, the ledger of Ajman$-$Retail$-$Mart showed Cash of AED$12,000$ and Owner's Capital of AED$450,000.$ The following are the transactions in March.

Date

Transactions

March$2$

Purchased merchandise on account from Wahid Supply AED$6,200,$ terms $1/10,$ n$/30.$

$4$

Sold merchandise on account AED$5,500,$ FOB destination, terms $1/10,$ n$/30.$ The cost of the merchandise sold was AED$3,400.$

$5$

Paid AED$240$ freight on April $4$ sale.

$6$

Received credit from Wahid Supply for merchandise returned AED$500.$

$11$

Paid Wahid Supply in full, less discount.

$13$

Received collections in full, less discounts, from customers billed on April $4.$

$14$

Purchased merchandise for cash AED$3,800.$

$16$

Received refund from supplier for returned goods on cash purchase of April $14,$ AED$500.$

$18$

Purchased merchandise from Bayan LLC AED$4,500,$ FOB shipping point, terms $2/10,$ n$/30.$

$20$

Paid freight on April $18$ purchase AED$160.$

$23$

Sold merchandise for cash AED$7,400.$ The merchandise sold had a cost of AED$4,120.$

$26$

Purchased merchandise for cash AED$2,300.$

$27$

Paid Bayan LLC in full, less discount.

$29$

Made refunds to cash customers for defective merchandise AED$90.$ The returned merchandise had a fair value of AED$30.$

$30$

Sold merchandise on account AED$3,400,$ terms n$/30.$ The cost of the merchandise sold was AED$1,900.$

REQUIRED:

a$.$ Journalize the transactions using a perpetual inventory system.

b$.$ Post the journal transactions to ledger for the following accounts:

i$.$ Sales Revenue

ii$.$ Cost of Gods Sold

c$.$ Prepare the income statement through gross profit for the month of April $2024.$