Part 1
Prepare General Journal entries to record the following perpetual system merchandising transactions of Lyryx Company. Use a separate account for each receivable and payable; for example, record the sale on March 6 in Accounts Receivable-Tessier & Welsh.
Mar. 5 Purchased $48,000 of merchandise from Delton Suppliers paying cash.
6 Sold merchandise for $36,000 to Tessier & Welsh; terms 2/10, n/30, FOB destination (cost of sales $27,100).
7 Purchased merchandise from Janz Company for $71,000; terms 1 /10, n/45, FOB shipping point.
8 Paid $1,540 shipping costs regarding the purchase of March 7
9 Sold merchandise for $46,000 to Parker Company; terms 2/10, n/30, FOB destination (cost of sales $32,900).
10 Purchased $1 7,800 of merchandise from Delton Suppliers; terms 2/10, n/45, FOB destination.
16 Collected the balance owing from Tessier & Welsh regarding the March 6 sale.
17 Paid for the March 7 purchase from janz Company.
30 Paid for the March 10 purchase from Delton Suppliers.
31 Collected the balance owing from Parker Company regarding the sale of March 9.
Part 2
Based on the information provided above, calculate:
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit for the month ended March 31, 2014.