Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate...
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Part 1: 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 every & Wiest for $9,000; terms 3/S, n/15, POB destination (cost of sales $6, 150). 2 Purchased $4,400 of merchandise from Angolac Suppliers; terme 2/10, n/20, TOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $10, 400; terms 2/15. n/45, POS Bastille Sales 5 Sold merchandise to Gelgar for $10,000; terns 3/5, /15, roi destination cost of sales $7,200). E Collected the amount owing from Avery 6 Wiest regarding the June 1 sale. 12 Paid Angolae Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 20 Paid Bassile Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions
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