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

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 $170,000 (assume Marchetti uses a perpetual inventory system); (2) paid $45,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $130,000 to credit customers for $225,000; (4) collected $205,000 in cash from credit customers; and (5) paid suppliers of inventory $150,000. 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 $67,500, $48,000, and $27,000, respectively. (Enter the transaction number in the column next to the amount.)

Cash Accounts Receivable
Beg. bal. Beg. bal.
End. bal. End. bal.
Inventory Accounts Payable
Beg. bal. Beg. bal.
End. bal. End. bal.
Sales Revenue Cost of Goods Sold
Beg. bal. Beg. bal.
End. bal. End. bal.
Salaries Expense
Beg. bal.
End. bal.

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 Cloud Computing A Security And Privacy Guide

Authors: Ben Halpert

1st Edition

0470874740, 978-0470874745

More Books

Students also viewed these Accounting questions