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.
