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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
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. End, bal End. bal. Inventory Accounts payable Beg. bal. Beg. bal. 1 End, bal End, bal Sales revenue Cost of goods sold Beg. bal. Beg. bal. End. bal. End. bal. Salaries expense Bea, bal End, bal
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