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Brief Exercise 2-9 (Static) Posting [LO2-4] The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account
Brief Exercise 2-9 (Static) Posting [LO2-4] 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 inventory on account to customers for $200,000 that had a cost of $120,000; (4) collected $180,000 in cash from credit customers; and (5) paid on account to 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
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