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, n/15, FOB destination (cost of sales $6,800). 2 Purchased $5,050 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,700; terms 1/15, n/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. 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 X: 1 Record the sales; terms 2/5, n/15, FOB destination. 10 2 Record the cost of sales. 3 Record the purchase of merchandise; terms 2/10, n/20, FOB shipping point. 4 Record the purchase of merchandise; terms 1/15, n/45, FOB Bastille Sales. Credit 5 Record the sales; terms 2/5, n/15, FOB destination. 6 Record the cost of sales. 7 Record the collection for Avery & Wiest. Note : - journal entry has been entered Record entry Clear entry View general journal View transaction list X 10 4 Record the purchase of merchandise; terms 1/15, n/45, FOB Bastille Sales. 5 Record the sales; terms 2/5, n/15, FOB destination. 6 Record the cost of sales. 7 Record the collection for Avery & Wiest. Credit 8 Record the payment for Angolac Suppliers. 9 Record the collection. 10 Record the payment. Note : = journal entry has been entered Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 00 9 10 > Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journal Part 2: Based on the information provided above, calculate the following: a. Calculate Net sales. Net sales b. Calculate Cost of goods sold. Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales