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The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $205,000 (assume Marchetti uses
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $144,000 to credit customers for $260,000, (4) collected $240,000 in cash from credit customers; and (5) paid suppliers of inventory $185,000. 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 $71,000, $55,000, and $34,000, respectively. (Enter the transaction number in the column next to the amount.) Beg bal Beg. bal End. bal. End. bal. Inventory Accounts payable Beg. bal Beg bal End, bal End, bal
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