Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $9,650; terms 25,n15, FOB destination (cost of sales $6,800).
2 Purchased $5,050 of merchandise from Angolac Suppliers; terms 210,n20, FOB shipping point.
4 Purchased merchandise inventory from Bastille Sales for $11,700; terms 115,n45, FOB Bastille Sales.
5 Sold merchandise to Gelgar for $11,300; terms 25,n15, FOB destination (cost of sales $7,850).
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.
l q,
\table[[,No,Date,General Journal,Debit,Credit],[2,1,June 01,No Transaction Recorded,,],[%,2,June 01,No Transaction Recorded,,],[->,,,,,],[,,,,,],[,,,,,],[0,\table[[4,]],June 04,No Transaction Recorded,,],[,5,June 05,No Transaction Recorded,,],[%,6,lune 05,No Transaction Recorded,,],[,,7,June 06,No Transaction Recorded,,],[,8,luno 12,Mo Transaction Rorardod,,],[,,,,,],[\theta ,9,June 20,No Transaction Recorded,,],[,,,,,],[\theta ,10,June 30,No Transaction Recorded,,]] 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
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Capital Market Instruments Analysis And Valuation

Authors: M. Choudhry, D. Joannas, G. Landuyt, R. Pereira, R. Pienaar

3rd Edition

0230576036, 9780230576032

More Books

Students also viewed these Accounting questions

Question

6. How can hidden knowledge guide our actions?

Answered: 1 week ago

Question

7. How can the models we use have a detrimental effect on others?

Answered: 1 week ago