merchandising transactions of belton company - 5-2 A

4 Purchased me Sold merched to Gole Collected the mantowi the id Angola wted the Bastille 10. 1 0. FUB Shipping point. Hontory from Bastille Sales for $11.400 terms 1/15, 45. FOB Bastille Sales to Gelgar for $11.000, terms 2/5, 15, FOB destination cost of sales $7,700) towing from Avery & Wiest regarding the June 1 sale for the June 2 purchase wing from Gelgar regarding the June 5 sale. to the June 4 purchase 20 Collected Part 2 information provided above, calculate (a) net sales. (b) cost of goods sold, and (c) gross profit for Resed on the inform month ended June 30, 2020. Problem 5-21 Journa Prepare general journal Company. Use a sen A Journal entries for merchandising activities-perpetual LO3 al lournal entries to record the following perpetual system merchandising transactions of Belton le a separate account for each receivable and payable: for example, record the purchase July 1 in ats Payable-Jones Company. Do the analysis component. Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15, 1/30, FOB factory. Sold merchandise to Terra Co. for $2,600 under credit terms of 2/10, GO, FOB shipping point. The merchandise had cost $1.950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, V60, FOB destination 12 Received a $1,500 credit mero acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from EastCo on credit, $960./30. 16 Paid the balance due to Jones Company 19 Sold merchandise that cost $2,850 to Urban Co. for $3.800 under credit terms of 2/15, 1/60, FOB shipping point 21 Issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19. 22 Received a debit memo from Urban Co. for an error that overstated the total invoice by $200, 29 Paid Keene Co. the balance due. 30 Received the balance due from Urban Co, for the credit sale dated July 19. 31 Sold merchandise that cost $7,500 to Terra Co. for $10,000 under credit terms of 2/10, 1/60, FOB shipping point. Analysis Component: As the senior purchaser for Belton Company, you are concerned that the purchase escounts you have negotiated are not being taken advantage of by the accounts payable department. Calculate the total dollar value impact to Belton Company of paying the July 9 purchase from Keene Co, after the dis- wunt period. Consider both the lost early payment discount and the cost of capital for the period after the wount period elapsed to the date Belton Company made the payment (assume a 6% interest rate; round tions to four decimal places). Draft an email to the accounts payable department explaining the overall aue impact of paying the invoice after the discount period and how Belton Company can better take vantage of purchase discounts going forward. 15-3A Journal entries for merchandising activities--perpetual LO3 el Box purchases jewellery from around the world and sells to local retailers in Canada. Prepare gen al entries to record the following perpetual system merchandising transactions of The Jewel Box. Us account for each receivable and payable; for example, record the purchase on August 1 in Account Problem 5-3A Journal The Jewel Box pure eral journal entries separate account Payable--Luu Company