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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 1 in Accounts ReceivableAvery & Wiest.
| June | 1 | Sold merchandise to Avery & Wiest for $9,700; terms 2/5, n/15, FOB destination (cost of sales $6,850). |
| 2 | Purchased $5,100 of merchandise from Angolac Suppliers; terms 3/10, n/20, FOB shipping point. | |
| 4 | Purchased merchandise inventory from Bastille Sales for $11,800; terms 3/15, n/45, FOB Bastille Sales. | |
| 5 | Sold merchandise to Gelgar for $11,400; terms 1/5, n/15, FOB destination (cost of sales $7,900). | |
| 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.
Part 2: Based on the information provided above, calculate the following: a. Calculate Net sales.
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