Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brief Exercise 2-3 T-accounts [LO2-3] The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for

image text in transcribed

Brief Exercise 2-3 T-accounts [LO2-3] The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000; (4) collected $180,000 in cash from credit customers, and (5) paid suppliers of inventory $145,000 Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero except for cash, accounts receivable, and accounts payable that had opening balances of $65,000, $43,000, and $22,000, respectively. (Enter the transaction number in the column next to the amount.) Answer is not complete. Cash Accounts Receivable Beg. 65,000 bal Beg bal.43,000 200,000 180,000(4) 180,00 40,000 (2) 145,000(5) End bal End bal 60,000 63,000 Inventory Accounts Payable Beg bal Beg bal.22,0003 145,000 165,000 (1) 165,000120,000 (3) End bal End bal 2,000 45,000 Sales Revenue Cost of Goods Sold Beg bal Beg bal 200,00 120,00 End bal End bal 200,000 120,000 Salaries Expense Beg bal 40,00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing The Art and Science of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones

13th Canadian edition

133405508, 978-0133405507

More Books

Students also viewed these Accounting questions