i) Record the ABC Merchandising Corporation's transactions in its general journal assuming that the business uses a perpetual inventory system. March 3 Purchased $20,000 of merchandise on account, terms 2/10,n/30, FOB destination. Debit Credit March 4 Paid $150 for the delivery of the goods purchased. March 5 Returned merchandise purchased on March 3 for credit, $2,000 March 7 Sold merchandise on credit for $30,000 (cost $18,000), terms 3/10,n/60, FOB shipping point. March 8 Paid $400 for shipping charges on merchandise sold on March 7. March 9 Return of merchandise sold on March 7 accepted for full credit and returned to merchandise inventory, $3,000 (cost $1,800) March 10 Paid $100 for shipping charges on merchandise returned by customer on March 9. March 13 Made the payment in full for the merchandise purchased on March 3, less the return on March 5 and the purchase discount. March 17 Received payment in full from the customer for sale of merchandise on March 7, less the return al the sales discount. ii) Calculate the net sales, gross profit and gross profit percentage. Net Sales = Gross Profit Gross Profit Margin