On a separate piece of paper complete problem 5-1A on page 374; parts 1 and 2. Based on the information provided in the text, what is the gross profit for the month ended June 30, 2020? Answer: On a separate piece of paper complete problem 5-1A on page 374; parts 1 and 2. Based on the information provided in the text, what is the net sales for the month ended June 30, 2020? Answer: On a separate piece of paper complete problem 5-1A on page 374; parts 1 and 2. On June 12th, what is the amount of discount taken when Angolac Suppliers were paid early? Answer: On a separate piece of paper complete problem 5-1A on page 374; parts 1 and 2. On June 6th, what is the amount of discount given to Avery & Wiest when they paid early? Answer: Problem 5-1A Journal entries for merchandising activitiesperpetual LO3 CHECK FIGURE: 2c. $5,960 Part 1 Prepare general journal entries to record 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. An asterisk (*) identifies assignment material based on Appendix 5A or Appendix 58. CHAPTER 5 Accounting for Merchandising Activities June 1 2 4 5 6 12 20 30 Sold merchandise to Avery & Wiest for $9,500; terms 2/5, 1/15, FOB destination (cost of sales $6.650). Purchased $4,900 of merchandise from Angolac Suppliers: terms 1/10,n/20. FOB shipping point Purchased merchandise Inventory from Bastille Sales for $11.400; terms 1/15, 1/45, FOB Bastille Sales. Sold merchandise to Gelgar for $11,000; terms 2/5, 1/15, FOB destination (cost of sales $7,700). Collected the amount owing from Avery & Wiest regarding the June 1 sale. Pald Angolac Suppliers for the June 2 purchase. Collected the amount owing from Gelgar regarding the June 5 sale. Paid Bastille Sales for the June 4 purchase. Part 2 Based on the information provided above, calculate (a) net sales, (b) cost of goods sold, and (c) gross profit for the month ended June 30, 2020