Ch. 2- RBriet Ch. 2-Brief E 1 Brief Exercise 2-1 Transaction analysis [LO2-1 The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $235,000 (assume Marchetti uses a perpetual inventory system): (2) paid $58,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $156,000 to credit customers for $290,000; (4) collected $270,000 in cash from credit customers; and (5) paid suppliers of inventory $215,000. 014 e each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be Indicated by a minus sign. Enter the net change on the accounting equation.) 2 Brief Exercise 2-2 Journal entries [LO2-2] 14 system); (2) paid $51,000 in salarles to employees for work performed durin that cost $142,000 to credit customers for $255,000: (4) collected $235,000 in cash from credit the month; (3) sold customers; and (5) paid suppliers of inventory $180,000. required" in the first account field.) Journal entry worksheet Sold to credit customers for $255,000. Next > 2 The Marchetti Soup Company entered Into the following transactions during the month of June: (0 purchased inventory on account for $200,000 (assume Marchetti uses a perpetual Inventory system); (2) pald $51,000 in salaries to employees for work performed during the month; (3) sold merchandise customers; and (5) paid suppliers of inventory $180,00o. 014 that cost $142,000 to credit customers for $255,000: (4) collected $235,000 in cash from credit Prepare journal entries for each of the above transactions. (f no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Journal entry worksheet ise that was sold cost $142,000. (3b) Next > 014 the month: (3) sold that cost $142,000 to credit customers for $255,000: (4) collected $235,000 In cash from credit The the month; (3) sold customers; and (5) paid suppliers of inventory $180,000. that cost $142,000 to credit customers for $255,000; (4) collected $235,000 in cash from credit nts requlred" in the first account field.) Journal entry worksheet Paid suppliers of inventory $180,000 $245,000 14 next to the amount 3 0.14 End. bal. Beg. bal. End. bal. End. bal Beg. bal End. bal Help Brief Exercise 2-8 Income determination [LO2-4] The Jamesway ons on 1. On Dec 20, 2018, Jamesway received a $5,300 payment from a customer for services to be rendered early in 2019. Service revenue was credited. 2. On December 1, 2018, the company paid a local radio station $4,600 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited. 3. Employee salaries for the month of December totaling $29,000 will be paid on January 7, 2019. 4. On August 31, 2018, Jamesway borrowed $75,000 from a local bank. A note was signed with principal and 7% interest to be paid on August 31, 2019. If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/18 balance sheet be higher or lower and by how much? ces by Brief Exercise 2-12 Closing entries [LO2-7 sales revenue, $970,000; cost of goods sold, $670,000; salaries expense, $150,000; rent expense, $47,000; and nts interest expense, $21,000. In the Journal entry worksheet Brief Exercise 2-12 Closing entries [LO2-7 in the View Journal entry worksheet Brief Exercise 2-13 Cash versus accrual accounting [LO2-8 owed the company $56,000 and 0 at the beginning and end of the year, respectively, and that the company owed the utility company $9,000 and $5,000 at the beginning and end of the year, respectively