Port $1$:

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 $$9,750$; terms $\frac{2}{5},\frac{n}{15},$ FOB destination $($cost of sales $$6,900).$

$2$ Purchased $$5,150$ of merchandise from Angolac Suppliers; terms $\frac{2}{10},\frac{n}{20},$ FOB shipping point.

$4$ Purchased merchandise inventory from Bastille Sales for $$11,900$; terms $\frac{2}{15},\frac{n}{45},$ FOB Bastille Sales.

$5$ Sold merchandise to Gelgar for $$11,500$; terms $\frac{3}{5},\frac{n}{15},$ FOB destination $($cost of sales $$7,950).$

$6$ 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

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

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

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $01,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$