Part 1

Prepare general journal entries to record 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.

Part 2

Based on the information provided above, calculate (a) net sales, (b) cost of goods sold, and (c) gross profit for the month ended June 30, 2020.

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Sold merchandise to Avery & Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650). Purchased $4,900 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, n/45, FOB Bastille Sales. Sold merchandise to Gelgar for $11,000; terms 2/5, n/15, FOB destination (cost of sales $7,700). Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 June 1 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. Paid Bastille Sales for the June 4 purchase. 30