Question
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 Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,800; terms 2/5, n/15, FOB destination (cost of sales $6,950). 2 Purchased $5,200 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,000; terms 1/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,600; terms 2/5, n/15, FOB destination (cost of sales $8,000). 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date General Journal Debit Credit View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date June 01 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1 3 4 5 6 7 8 9 10 Record the cost of sales. Note: Enter debits before credits. Date June 01 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 Ew 4 5 6 7 8 9 10 > Record the purchase of merchandise; terms 1/10, n/20, FOB shipping point. Note: Enter debits before credits. Date June 02 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 3 5 7 8 9 10 00 Record the purchase of merchandise; terms 1/15, n/45, FOB Bastille Sales. General Journal Debit Credit Note: Enter debits before credits. Date June 04 > View general journal Record entry Clear entry View transaction list Journal entry worksheet 2 3 1 L + 6 7 8 9 10 > Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date June 05 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet L 1 2 3 4 5 6 7 8 Record the cost of sales. 6 10 > General Journal Debit Credit Note: Enter debits before credits. Date June 05 View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 Record the collection for Avery & Wiest. Note: Enter debits before credits. Date June 06 G 80 9 10 10 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 56 7 8 Record the payment for Angolac Suppliers. 6 10 10 General Journal Debit Credit Note: Enter debits before credits. Date June 12 > View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 Record the collection. Note: Enter debits before credits. Date June 20 8 6 9 Jy General Journal Debit Credit 10 10 > View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 8 9 Record the payment. Note: Enter debits before credits. Date June 30 10 10 > General Journal Debit Credit Record entry Clear entry View general journal 13
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