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I have attached enteries photographs want it urgent Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for
I have attached enteries photographs want it urgent
Part 1: 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 $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 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 8 7 9 10 6 1 2 3 4 5 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Debit Credit General Journal Date June 01 Saved 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 38:06 Journal entry worksheet Record the cost of sales. Note: Enter debits before credits. Date General Journal Debit Credit June 01 View transaction list 56 Journal entry worksheet 4 8 9 > 1 2 5 10 6 7 Record the purchase of merchandise; terms 2/10, n/20, FOB shipping point. Note: Enter debits before credits. Debit Credit Date General Journal June 02 Record entry Clear entry View general journal Journal entry worksheet Record the purchase of merchandise; terms 3/15, n/45, FOB Bastille Sales. Note: Enter debits before credits. Date General Journal Debit Credit June 04 Record entry Clear entry View general journal Journal entry worksheet 7 go 8 9 Record the sales; terms 1/5, n/15, FOB destination. Note: Enter debits before credits. Debit General Journal Date Credit June 05 Record entry Clear entry View general journal HDD Noy pare General Journal entries to View transaction list Journal entry worksheet 4 5 10 1 2 3 View transaction list Journal entry worksheet 9 7 10 Journal entry worksheet >Step by Step Solution
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