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 $$9,050$; terms $\frac{2}{5},\frac{n}{15},$ FOB destination $($cost of sales $$6,200).$

$5$ Purchased merchandise inventory from Bastille Sales for $$10,500$; terms $\frac{3}{15},\frac{n}{45},$ FOB Bastille Sales.

$6$ Cold merchandise to Gelgar for $$10,100$; terms $\frac{1}{5},\frac{n}{15},$ FOB destination $($cost of sales $$7,250).$

$12$ Paid Angol the amount owing from Avery & Wiest regarding the June $1$ sale.

$20$ Collected the Suppliers for the June $2$ purchase.

$30$ Paid Bastille amount owing from Gelgar regarding the June $5$ sale.

Prepare General Journal entries to record the above transactions.

Journal entry worksheet

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