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 $9,650; terms 2/5, 1/15, FOB destination (cost of sales $6,800). 2 Purchased $5,058 of merchandise from Angolac Suppliers; terms 2/10, n/2, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,700; terms 1/15, 1/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,300; terms 2/5, n/15, FOB destination (cost of sales $7,850). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 2e Collected the amount owing from Gelgar regarding the June 5 sale. 3e Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions View transaction list View journal entry worksheet Based on the information provided above, calculate the following: a. Calculate Net sales. Net sales 4 b. Calculate Cost of goods sold. Cost of goods sold b. Calculate Cost of goods sold. Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales