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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
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
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