Assignment 5 - Ch 5 i 1 50 points Mc Print References Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receiva and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,100; terms 2/5, n/15, FOB destination (cost of sales $6,250). 2 Purchased $4,500 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $10,600; terms 1/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,200; terms 2/5, n/15, FOB destination (cost of sales $7,300). 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. View transaction list Journal entry worksheet 1 2 Date June 01 3 Note: Enter debits before credits. 4 5 Record the sales; terms 2/5, n/15, FOB destination. 6 General Journal 7 8 Saved Debit Prev 9 Credit 10 1 of 4 Next >

Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receiv and payable; for example, record the sale on June 1 in Accounts Receivable-Avery \& Wiest. June 1 sold merchandise to Avery if Wiest for $9,100; terms 2/5,n/15, ros destination (cost of 3a1 ea $6,250 ). 2 Purchased \$4,500 of merchandise tron Angolae Suppliers; terms 1/10, a/20, FoB ahipping point. 4 Purchased perehandise inventory fron Bastille sales for $10,600, terns 1/15, a/45, Foo Bastille $ales. 5 Sold merchandise to Gelgar for $10,200; terms 2/5,n/15, Fon destination (cost of sales $7,300 ). 6 collected the anount ouing from Avery is Wiest regarding the June 1 sale. 12 Paid Angolad 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 transoctions. Journal entry worksheet Note: Enter debits before creans. 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