The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for $185,000 (assume Marchetti uses a perpetual inventory system); (b) paid $48,000 in salaries to employees for work performed during the month; (c) sold merchandise that cost $136,000 to credit customers for $240,000; (d) collected $220,000 in cash from credit customers; and (e) paid suppliers of inventory $165,000.

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 $69,000, $51,000, and $30,000, respectively.

Beginning and ending balance for....

cash, inventory, sales revenue, salaries expense, accounts recievable, accounts payable, and costs of goods sold