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PLEASE FILL IN THE ANSWERS IN THESE EXACT BOXES ON THE PICTURE. THANK YOU The Marchetti Soup Company entered into the following transactions during the
PLEASE FILL IN THE ANSWERS IN THESE EXACT BOXES ON THE PICTURE. THANK YOU
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 merchandise that cost $120,000 to credit customers for $200,000; (4) collected $180,000 in cash from credit customers, and (5) paid 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. (Enter the transaction number in the column next to the amount.) Cash Accounts receivable Beg. bal. Beg bal. 180.000 End bal. 180.000 End bal. Inventory Accounts payable Beg bal. Beg bal. 120.000 120.000 End, bal End bal Inventory Accounts payable Beg. bal. Beg bal 120,000 End. bal. 120,000 End, bal. Sales revenue Cost of goods sold Beg bal. Beg. bal. End bal End bal Salaries expense Beg bal. End, balStep by Step Solution
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