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 $$9,400$; terms $\frac{2}{5},$ n$/15,$ FOB destination $($cost of sales $$6,550).$

$2$ Purchased $$4,800$ of merchandise from Angolac Suppliers; terms $1/10,$ n$/20,$ FOB shipping point.

$4$ Purchased merchandise inventory from Bastille Sales for $$11,200$; terms $\frac{1}{15},\frac{n}{45},$ FOB Bastille Sales.

$5$ Sold merchandise to Gelgar for $$10,800$; terms $\frac{2}{5},\frac{n}{15},$ FOB destination $($cost of sales $$7,600).$

$6$ 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.

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Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

Record the cost of sales.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $01,$Cost of goods sold,$6,550,],[,$Merchandise inventory,,$6,550],[,,,]]$

Prey

$1$ of $1$

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Part $2$:

Based on the information provided above, calculate the following:

a$.$ Calculate Net sales.

b$.$ Calculate Cost of goods sold.

Cost of goods sold

c$.$ Calculate Gross profit from sales.

Gross profit from sales