Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fill out?,, Check my work The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased Inventory on account for
Fill out?,,
Check my work The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased Inventory on account for $225,000 (assume Marchetti uses a perpetual inventory system (2) paid $56.000 in salaries to employees for work performed during the month (3) sold merchandise that cost $152.000 to credit customers for $280,000. (4) collected $260,000 in cash from credit customers, and (5) paid suppliers of inventory $205,000 Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts were except for cash, accounts receivable, and accounts payable that had opening balances of $73,000, 559.000 and $38.000, respectively (Enter the transaction number in the column next to the amount.) Cash Accounts receivable Beg bal (1) Beg bal 11) (2) (3) End bal (2) End bal 5,600.000 5.600.000 Accounts payable Inventory 225.000 Bog bal Beg bal (1) (2) 123 13 Fed 13) hal 25 anni mic.con contexternal browser 35 educatie 3 Cash Cable Beg bat (1) Beg bal (1) (2) (3) End, bal (2) End bal 5,600.000 5,600.000 Book Inventory 225,000 Accomparable Print Beg bal erences Beg bal (0) (2) (3) End bal (1) (2) (3) End, bal 225.000 Sales revenue Cost of goods sold Beg bal (0) 1162) (3) End bal Beg bal (1 112) (3) End, bal cnd. Dai Salaries expense Beg. bal (2) (3) End, bal 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