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Part 1 : Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record

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 ReceivableAvery & Wiest.
June 1 Sold merchandise to Avery & Wiest for $9,000; terms 3/5, n/15, FOB destination (cost of sales $6,150).
2 Purchased $4,400 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point.
4 Purchased merchandise inventory from Bastille Sales for $10,400; terms 2/15, n/45, FOB Bastille Sales.
5 Sold merchandise to Gelgar for $10,000; terms 3/5, n/15, FOB destination (cost of sales $7,200).
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.
30 Paid Bastille Sales for the June 4 purchase.
Prepare General Journal entries to record the above transactions.
Part 2:
Based on the information provided above, calculate the following:
a. Calculate Net sales.
b. Calculate Cost of goods sold.
c. Calculate Gross profit from sales.

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