Part 1
Prepare General Journal entries to record the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June I in Account', Receivable-Avery & Wiest.
June 1 Sold merchandise to Avery & Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650).
2 Purchased $4,900 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point.
4 Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, n/45, FOB Bastille Sales.
5 Sold merchandise to Gelgar for $11,000; terms 2/5, n/15, FOB destination (cost of sales $7,700).
6 Collected the amount owing from Avery & Wiest regarding the June 1 sale.
12 Paid Angolac Suppliers for the June 2 purchase.
20 Collected the amount owing from Gelgar regarding the June 5 sale.
30 Paid Bastille Sales for the June 4 purchase.
Part 2
Based on the information provided above, calculate:
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit for the month ended June 30, 2014.