picture Ambrose Traders is a general trading store. Ambrose Traders tracks their inventory according to the periodic inventory system and is a VAT Vendor. All amounts include VAT of 15%, where applicable, unless otherwise stated. Ambrose Traders entered into the following transactions: Transactions for the month: Q.2.1 Purchased merchandise on credit, R24 700 (excluding VAT). (5) Q.2.2 Paid shortterm insurance premium by debit order, R 4 200 (VAT inclusive) (5) Q.2.3 Returned merchandise to the seller and received a credit note, R3 200 (excluding VAT) (Refer to Q.2.1 above) (5) Q.2.4 Purchased a kettle and a toaster (Equipment) on credit, R2 200. The kettle and the toaster will be used by staff only. (3) Q.2.5 The owner withdrew inventory for his own use, cost price R2 520 (including VAT)