Problem 5-1A Journal entries for merchandising activities-perpetual LO3 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 Receivable-Avery & Wiest June 1 Sold merchandise to Avery & Wiest for $9,500; terms 2/5, 1/15, FOB destination (cost of sales $6,650). 2 Purchased $4,900 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, 45, FOB Bastille Sales. Sold merchandise to Gelgar for $11,000; teras 2/5, 1/15, FOB destination (cost of sales $7,700), 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. ze 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. 5 Answer is not complete. No Date Debit Credit 1 June 01 General Journal Accounts receivable - Avery & Wiest Sales 9.500 9.500 2 June 01 Cost of coods 66502 Prey 1 of 1 Next > search O I E Debit Credit No General Journal Date June 01 9,500 Accounts receivable - Avery & Wiest Sales 9,500 2 June 01 6,650 Cost of goods sold Merchandise inventory e 6,650 3 June 02 4,900 Merchandise inventory Accounts payable - Angolac Suppliers 4,900 4 June 04 11,400 Merchandise inventory Accounts payable - Bastille Sales 11,400 5 June 05 11,000 Accounts receivable - Gelgar Sales 11,000 6 June 05 7,700 Cost of goods sold Merchandise inventory 7.700 7 June 06 9,310 Cash Sales discounts Accounts receivable - Avery & Wiest 190 9,500 BRE Prey 1 of 1 Next > e to search O B 7 June 06 Cash Sales discounts Accounts receivable - Avery & Wiest >>> 9,310 190 9,500 8 June 12 4.900 Accounts payable - Angolac Suppliers Merchandise inventory Cash 49 4,851 9 June 20 11,000 Cash Accounts receivable - Golgar 11,000 10 June 30 Accounts payable - Bastille Sales > 11,400 11.400 Part 2: Based on the information provided above, calculate the following: a. Calculate Net sales. Natales Prev 1 of 1 Next Search ot b. Calculate Cost of goods sold. Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales