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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 in Accounts ReceivableAvery & Wiest.
June Sold merchandise to Avery & Wiest for $; terms FOB destination cost of sales $
Purchased $ of merchandise from Angolac Suppliers; terms FOB shipping point.
Purchased merchandise inventory from Bastille Sales for $; terms FOB Bastille Sales.
Sold merchandise to Gelgar for $; terms FOB destination cost of sales $
Collected the amount owing from Avery & Wiest regarding the June sale.
Paid Angolac Suppliers for the June purchase.
Collected the amount owing from Gelgar regarding the June sale.
Paid Bastille Sales for the June purchase.
Prepare General Journal entries to record the above transactions.
l
tableNoDate,General Journal,Debit,CreditJune No Transaction Recorded,,June No Transaction Recorded,,tableJune No Transaction Recorded,,June No Transaction Recorded,,lune No Transaction Recorded,,June No Transaction Recorded,,luno Mo Transaction Rorardod,,theta June No Transaction Recorded,,theta June No Transaction Recorded,, Part :
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
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