Problem 5-1A Journal entries for merchandising activities-perpetual LO3 Part 1: Consider the following perpetuol system merchandising transactions of Belton Company. Use a separate account for each recelvable and payoble; for example, record the sole on June 1 in Accounts Recelvable-Avery \& Wiest June 1 Sold merchandise to Avery 8 Wlest for $9,150; terns 2/S, n/15, FoB destination (cost of sales 56,309 ). 2 Purchased 54,550 of merchandise fron Angolac Suppliers; terns 2/10,n/29, FOB shdpping point. 4 Purchased aerchanalse inventory fron bastilie Sales for $10,700; teras 2/15, 0/45, fob jastille Sales. 5 5old merchandise to Gelgor for $10,300; terms 3/5,n/15, FoB destination (cost of sales $7,350 ). 6 Collected the atount ouing from Avecy's wiest regarding the June 1 sale. 12 Pald Anpolac Suppliers for the June 2 purchase. 20 collected the anount puing fron Gelear regarding the June 5 sale. 30 Paid Elastille Soles for the June 4 purchase. Prepore General Journal entries to record the above transoctions: Based on the information provided above, calculate the following: a. Calculate Net sales. b. Calculate Cost of goods sold. c. Calculate Gross profit from sales