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 in Accounts ReceivableAvery & Wiest.

June Sold merchandise to Avery & Wiest for $; terms n FOB destination cost of sales $

Purchased $ of merchandise from Angolac Suppliers; terms n FOB shipping point.

Purchased merchandise inventory from Bastille Sales for $; terms n FOB Bastille Sales.

Sold merchandise to Gelgar for $; terms n FOB destination cost of sales $

Collected the amount owing from Avery & Wiest regarding the June sale.

Paid Angolac Suppliers for the June purchase.

Collected the amount owing from Gelgar regarding the June sale.

Paid Bastille Sales for the June purchase.

Prepare General Journal entries to record the above transactions.

Part :

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 General Journal entries to record the given transactions June 1 Accounts Receivable Ave... View the full answer