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if someone can help, i really appreciate it! Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for
if someone can help, i really appreciate it!
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, 150; terms 2/5, n/15, FOB destination (cost of sales $6,300). 2 Purchased $4,550 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $10,700; terms 2/15, n/45, FOB Bastille Sales. Sold merchandise to Gelgar for $10,300; terms 3/5, n/15, FOB destination (cost of sales $7,350). 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 2 3 4 5 6 7 8 9 10 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journalPort 2: Based on the information provided above, calculate the following: a. Calculate Net sales. l b. Calculate Cost of goods sold. c. Calculate Gross profit from salesStep by Step Solution
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