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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $200,000 (assume Marchetti uses a
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $200,000 (assume Marchetti uses a perpetual inventory system); (2) paid $51,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $255,000 that had a cost of $142,000; (4) collected $235,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $180,000. 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 $70,500,$54,000, and $33,000, respectively. Note: Enter the transaction number in the column next to the amount
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