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 $10,000; terms 1/5, n/15, FOB destination (cost of sales $7,150).
	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	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.
	30	Paid Bastille Sales for the June 4 purchase.

Prepare General Journal entries to record the above transactions.

1

Record the sales; terms 1/5, n/15, FOB destination.

2

Record the cost of sales.

3

Record the purchase of merchandise; terms 3/10, n/20, FOB shipping point.

4

Record the purchase of merchandise; terms 3/15, n/45, FOB Bastille Sales.

5

Record the sales; terms 1/5, n/15, FOB destination.

6

Record the cost of sales.

7

Record the collection for Avery & Wiest.

8

Record the payment for Angolac Suppliers.

9

Record the collection.

10

Record the payment.

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.