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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 $9,300; terms 3/5, n/15, FOB destination (cost of sales $6,450). 2 Purchased $4,700 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,000; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,600; terms 3/5, n/15, FOB destination (cost of sales $7,500). 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. K 1 N 3 4 5 6 7 8 9 10 > Record the sales; terms 3/5, n/15, FOB destination. Note: Enter debits before credits. Date General Journal Debit Credit June 01 5 Based on the information provided above, calculate the following: a. Calculate Net sales. Net sales b. Calculate Cost of goods sold. Cost of goods sold