53.

The Skywalker Podracer Company entered into the following transactions during the month of May: (1) purchased inventory on account for $190,000 (assume Skywalker uses a perpetual inventory system); (2) paid $49,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $138,000 to credit customers for $245,000; (4) collected $225,000 in cash from credit customers; and (5) paid suppliers of inventory $170,000. Prepare journal entries for each of the above transactions.

If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Purchased inventory on account for $190,000 (assume Marchetti uses a perpetual inventory system).

Paid $49,000 in salaries to employees for work performed during the month.

Sold merchandise to credit customers for $245,000. Record the sale.

Merchandise that was sold cost $138,000. Record the cost of the sale.

Collected $225,000 in cash from credit customers.

Paid suppliers of inventory $170,000.