Problem 5-1A Merchandising Journal Entries

No Date Debit Credit 1 June 01 General Journal Accounts receivable - Avery & Wiest Sales 9,500 >> 9,500 2 June 01 6,650 Cost of goods sold Merchandise inventory >> 6,650 3 June 02 4,900 Merchandise inventory Accounts payable - Angolac Suppliers OO 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 Cash Sales discounts Accounts receivable - Avery & Wiest 9,310 190 >I 9,500 8 June 12 4,900 Accounts payable - Angolac Suppliers Merchandise inventory Cash O 49 4.851 9 June 20 11,000 Cash Accounts receivable - Gelgar 11,000 10 June 30 Accounts payable - Bastille Sales Cash >I 11,400 11,400 Part 2: Based on the information provided above, calculate the following: a. Calculate Net sales. Answer is complete but not entirely correct. Net sales $ 20,500 b. Calculate Cost of goods sold. Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales