Part $1$:

Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each and payable; for example, record the sale on June $1$ in Accounts Receivable$-$Avery & Wiest.

June $1$ Sold merchandise to Avery & Wiest for $$9,200$; terms $2/5,\frac{n}{15},$ FoB destination $($cost of sales $$6,350).$

$2$ Purchased $$4,600$ of merchandise from Angolac Suppliers; terms $\frac{3}{10},\frac{n}{20},$ FOB shipping point.

$4$ Purchased merchandise inventory from Bastille Sales for $$10,800$; terms $\frac{3}{15},\frac{n}{45},$ FOB Bastille Sales.

$5$ Sold merchandise to Gelgar for $$10,400$; terms $\frac{1}{5},\frac{n}{15},$ FOB destination $($cost of sales $$7,400).$

$6$ 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.

Solve:

$1.$ prepare general journal entries to record the above transactions.

$2.$ Find Net sales, Cost of goods sold and Gross Profit from sales.