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$\mathrm{.}2$ Purchased $$5,400$ of merchandise from Angolac Suppliers; terms $3/10,$ n$/20,$ FOB shipping point.

$4$ Purchased merchandise inventory from Bastille Sales for $$12,400$; terms $3/15,$ n$/45,$ FOB Bastille Sales.

$5\}\backslash$mathrm$\{$ Sold merchandise to Gelgar for $$12,000$; terms $1/5,$ n$/15,$ FOB destination $($cost of sales $$8,200).$

$6$ 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.Prepare General Journal entries to record the above transactions.

Journal entry worksheet

Record the sales; terms $\frac{1}{5},\frac{n}{15},$ FOB destination. Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

Record the sales; terms $\frac{1}{5},\frac{n}{15},$ FOB destination.

Note: Enter debits before credits. 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 salesconsider the following perpetual system merchandising transactions of belton company $.$ use a separate account for each receivable and payable; fir example, record the sale on june $1$ in accounts receivable $-$ avery & wiest.