5-1A Journal entries for merchandising activities-perpetual LO3 Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivab and payable, for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest June 1 Sold merchandise to Avery & Wiest for $9,100; terms 2/5, n/15, FOB destination (cost of sales $6,250). 2. Purchased $4,500 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $10,600; terms 1/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,200; terms 2/5, n/15, FOB destination (cost of sales $7,300). 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. Prepare General Journal entries to record the above transactions. View transaction list Journal entry worksheet A 1 2 3 4 5 6 7 8 9 10 Record the sales; terms 2/5, n/15, FOB destination, Journal entry worksheet < 1 3 4 5 6 7 8 9 10 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date June 01 General Journal Debit Credit Record entry Clear entry View general journal Based on the information provided above, calculate the following: a. Calculate Net sales. Net sales b. Calculate Cost of goods sold. Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales