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01 Prepare General Journal entries to record the following periodic inventory 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. 2 June 1 Sold merchandise to Avery & Wiest for $9,800; terms 2/5, n/15, FOB destination (cost of sales $6,950). Purchased $5,200 of merchandise from Angolac Suppliers; terms 1/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,000; terms 1/15, n/45, FOB Bastille Sales. Sold merchandise to Gelgar for $11,600; terms 2/5, n/15, FOB destination (cost of sales $8,000). Collected the amount owing from Avery & Wiest regarding the June 1 sale. Paid Angolac Suppliers for the June 2 purchase. Collected the amount owing from Gelgar regarding the June 5 sale. Paid Bastille Sales for the June 4 purchase. 5 6 12 20 30

Prepare General Journal entries to record the following periodic inventory 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 $9,800; terms 2/5,n/15, FOB destination (cost of sales $6,950 ). 2 Purchased $5,200 of merchandise from Angolac Suppliers; terms 1/10,n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,000; terms 1/15,n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,600; terms 2/5, n/15, FOB destination (cost of sales $8,000 ). 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

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