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Prepare General Journal entries to record the following periodic inventory system merchandising transactions of Belton Company. Use a separate account for each receivable and payable;
Prepare General Journal entries to record the following periodic inventory 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 2/5, n/15, FOB destination (cost of sales $6,900). 2 Purchased $5,150 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,900; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,500; terms 3/5, 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. View transaction list View journal entry worksheet X: 1 Record the sales on credit; terms 2/5, n/15, FOB destination. 2 Record the purchase of merchandise; terms 2/10, n20, FOB shipping point. 3 Record the purchase of merchandise; terms 2/15, n/45, FOB Bastille Sales. 4 Record the credit sales; terms 3/5, n/15, FOB destination. 5 Record the collection within discount period. 6 Record the payment within discount period
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