EXERCISE - MERCHANDISE TRANSACTIONS

ATS Company has the following transactions:

November 1

Purchased merchandise on account worth TL 90,000; under the

discount condition 5/5; n/30.

November 3

November 6

Returned L 15.000 of merchandise purchased.

Sold merchandise for TI 60,000 on account; Cost of the

merchandise sold was TL 50.000.

November 8

Customer retuned 15% of merchandise sold on November 6.

November 9

Paid for the merchandise purchased on November 1.

November 15

Received payment for the merchandise sold on November 6.

Required:

A.

Journalize the transactions.

B.Calculate gross profit ratio.