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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 Avery & Wiest for $9,400; terms 2/5, n/15, FOB destination (cost of sales $6,550). 2 Purchased $4,800 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11, 200; terms 1/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,800; terms 2/5, n/15, FOB destination (cost of sales $7,600). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12. Paid Angolec 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. Based on the information provided above, calculate the following: a. Calculate Net sales. Net sales b. Calculate Cost of goods sold, Cost of goods sold c. Calculate Gross profit from sales. Gross profit from sales Prev Next

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