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The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for S215.000 (assume Marchetti uses a
The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for S215.000 (assume Marchetti uses a perpetual inventory system): (b) paid $54,000 in salaries to employees for work performed during the month: (c) sold merchandise that cost $148,000 to credit customers for $270,000: (d) collected S250.000 in cash from credit customers: and (e) paid suppliers of inventory $195,000. Post the above transactions in the T-accounts given below. 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 $72,000. $57,000. and $36,000. respectively
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