Hh1.calculate net sales, cost of goods sold and gross profit from sales Part 1:Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivableand payable, for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest.June 1 Sold merchandise to Avery & Wiest for $9,700; terms 2/5, n/15, F00 destination (cost of sales $6,850).2 Purchased $5,100 of merchandise from Angolac Suppliers; terms 3/10, n/20, F08 shipping point.4 Purchased merchandise inventory from Bastille Sales for $11,800, terms 3/15, n/45, FOB Bastille Sales.5 Sold merchandise to Gelgar for $11,400; terms 1/5, n/15, FOB destination (cost of sales $7,900).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 transactionsView transaction listJournal entry worksheet1Note: Enter debits before creditsDate5Record the sales; terms 2/5, n/15, FOB destination6General Journal78Debit9Credit10

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calculate net sales, cost of goods sold and gross profit from sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Hh1.

calculate net sales, cost of goods sold and gross profit from sales

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 $9,700; terms 2/5, n/15, F00 destination (cost of sales $6,850).
2 Purchased $5,100 of merchandise from Angolac Suppliers; terms 3/10, n/20, F08 shipping point.
4 Purchased merchandise inventory from Bastille Sales for $11,800, terms 3/15, n/45, FOB Bastille Sales.
5 Sold merchandise to Gelgar for $11,400; terms 1/5, n/15, FOB destination (cost of sales $7,900).
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
Note: Enter debits before credits
Date
5
Record the sales; terms 2/5, n/15, FOB destination
6
General Journal
7
8
Debit
9
Credit
10

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