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 $$9,450$; terms $2/5,$ n$/15,$ FOB destination $($cost of sales $$6,600).$

$2$ Purchased $$4,850$ of merchandise from Angolac Suppliers; terms $2/10,$ n$/20,$ FOB shipping point.

$4$ Purchased merchandise inventory from Bastille Sales for $$11,300$; terms $2/15,$ n$/45,$ FOB Bastille Sales.

$5$ Sold merchandise to Gelgar for $$10,900$; terms $3/5,$ n$/15,$ FOB destination $($cost of sales $$7,650).$

$6$ 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.

Part $2$:

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.

Answer rating: 100% (QA)

Here are the journal entries to record the transactions June 1 Debit Accounts Receivable Avery Wiest ... View the full answer