Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can i please get help with this. its due in 4 hours. The Marchetti Soup Company entered into the following transactions during the month of
can i please get help with this. its due in 4 hours.
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $240,000 (assume Marchetti uses a perpetual inventory system); (2) paid $59,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $295,000 that had a cost of $158,000;(4) collected $275,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $220,000. 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 recelvabie, and accounts payable that had opening balances of $74,500,$62,000, and $41,000, respectively. Note: Enter the transaction number in the column next to the amount. (2) (3) (4) Inventory Ending balance Ending balance Accounts payable Beginning balance \begin{tabular}{|l|l|l|l|} \hline Beginning balance & & \multicolumn{3}{|c|}{ Sales revenue } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline & & & \\ \hline \end{tabular} Beginning balance Salaries expense Ending balance Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started