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Prepare general journal entries to record the transaction

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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.

Point 1: June1Sold merchandise to Avery & Wiest for $9,650; terms 2/5, n/15, FOB destination (cost of sales $6,800).

Point 2: 2Purchased $5,050 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4Purchased merchandise inventory from Bastille Sales for $11,700; terms 1/15, n/45, FOB Bastille Sales.

Point 3: 5Sold merchandise to Gelgar for $11,300; terms 2/5, n/15, FOB destination (cost of sales $7,850).

Point 4: 6Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12Paid Angolac Suppliers for the June 2 purchase.

Point 5: 20Collected the amount owing from Gelgar regarding the June 5 sale. 30Paid Bastille Sales for the June 4 purchase.

Question 1: Prepare General Journal entries to record the above transactions.

Reference no: EM132477655

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