Machete Traders specialises in selling quality household appliances and various household goods. The business is a registered VAT vendor and applies the principles of the perpetual inventory system. The VAT rate is $15\%.$The following is an extract from the trial balance of Machete Traders as at $31$ March $2023$: RSales$194780$Cost of sales$136411$Sales returns$10043$Settlement discount granted$8522$Settlement discount received$4013$ Required:a$)$ Record the closing transfers in the general journal for the following accounts:SalesCost of salesSales returnsSettlement discount grantedSettlement discount receivedb$)$ Record the closing transfer for gross profit$/$loss Instructions for numeric responses:$1.$ Use a full stop to indicate any decimals $($eg: $1000\mathrm{.}01)2.$ Round off to the second decimal after the full stop $($eg: $50\mathrm{.}56)3.$ Please complete the journals in the order indicated through the narrations provided.General journal of Machete Traders $-$ March $2023$DescriptionDebitCredit RRAnswerAnswer Answer AnswerClosing transfer: Sales returns AnswerAnswer Answer AnswerClosing transfer: Settlement discount granted AnswerAnswer Answer AnswerClosing transfer: Sales AnswerAnswer Answer AnswerClosing transfer: Settlement discount received AnswerAnswer Answer AnswerClosing transfer: Cost of sales AnswerAnswer Answer AnswerClosing transfer for gross profit