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 $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700).
	2	Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point.
	4	Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales.
	5	Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750).
	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.

Journal entry worksheet 56 Record the sales; terms 2/5, n/15, FOB destination. Note: Enter debits before credits. 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