Consider 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 1 in Accounts 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.. Prepare General Journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 6 10 10 1 Record the sales; terms 2/5, n/15, FOB destination. 2 Record the cost of sales. 3 Record the purchase of merchandise; terms 1/10, n/20, FOB shipping point. 4 Record the purchase of merchandise; terms 1/15, n/45, FOB Bastille Sales. 5 Record the sales; terms 2/5, n/15, FOB destination. 6 Record the cost of sales. 7 Record the collection for Avery & Wiest. Note: journal entry has been entered Record entry www. EX EX Clear entry Vie 4 Record the purchase of merchandise; terms 1/15, n/45, FOB Bastille Sales. 5 Record the sales; terms 2/5, n/15, FOB destination. 6 Record the cost of sales. 7 Record the collection for Avery & Wiest. 8 Record the payment for Angolac Suppliers. 19 Record the collection. 10 Record the payment. Note: = journal entry has been entered Record entry Clear entry Part 2: 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