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 $9,600; terms 3/5,n/15, FOB destination (cost of sales $6,750 ). 2 Purchased $5,000 of merchandise from Angolac Suppliers; terms 2/10,n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,600; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,200; terms 3/5,n/15, FOB destination (cost of sales $7,800 ). 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. Part 2: Based on the information provided above, calculate the following: a. Calculate Net sales. b. Calculate Cost of goods sold