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The Chewbacca Starship Company had the following transactions during the month of December: (1) purchased inventory on account for $170,000 (assume Chewbacca uses a perpetual
The Chewbacca Starship Company had the following transactions during the month of December: (1) purchased inventory on account for $170,000 (assume Chewbacca uses a perpetual inventory system); (2) paid $45,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $130,000 to credit customers for $225,000; (4) collected $205,000 in cash from credit customers; and (5) paid suppliers of inventory $150,000. 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 $67,500, $48,000, and $27,000, respectively. Enter the transaction number from above (e.g., (1), (2), etc.) in the column next to the appropriate amounts. Cash Accounts receivable Beg. bal. Beg. bal. End. bal. End. bal. Inventory Accounts payable Beg. bal. Beg. bal. End. bal. End. bal. Inventory Accounts payable Beg. bal. Beg. bal. End. bal. End. bal. Sales revenue Cost of goods sold Beg. bal. Beg. bal. End. bal. End. bal. Salaries expense Beg. bal. End. bal
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