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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $195,000 (assume Marchetti uses a
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $195,000 (assume Marchetti uses a perpetual inventory system); (2) paid $50,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $140,000 to credit customers for $250,000; (4) collected $230,000 in cash from credit customers; and (5) paid suppliers of inventory $175,000. 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 $70,000, $53,000, and $32,000, respectively. (Enter the transaction number in the column next to the amount.) Cash Accounts Receivable Beg. bal. Beg. bal. End, bal. End. bal. Inventory Accounts Payable Beg. bal. Beg. bal
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