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 $9,400; terms 2/5, n/15, FOB destination (cost of sales $6,550). 2 Purchased $4,800 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,200; terms 1/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,800; terms 2/5, n/15, FOB destination (cost of sales $7,600). 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

example

Journal entry worksheet

• Record the sales; terms 2/5, n/15, FOB destination.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
June 01	Cost of goods sold	6,550
	Merchandise inventory		6,550

Calculate net sales

calculate costs of goods

calculate gross profit from sales