Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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) pald $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 Beg bal 40,000 Beg, bal Accounts receivable 200,000 180,000 180,000 145,000 End, bal 5,000 End, bal 20,000 Beg bal Inventory 165.000 120,000 Beg bal Accounts payablo 165,000 145,000 End, bal 45,000 End, bal 20,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Kulp, Susan, Dragoo, Amie, Hartgraves, Al L, Morse Wayne J.

9th Edition

1618533622, 9781618533623

More Books

Students also viewed these Accounting questions

Question

9. Identify independent and dependent variables.

Answered: 1 week ago

Question

What activities do you enjoy when you are not working?

Answered: 1 week ago

Question

years ago. d Only using studies which feature empirical data.

Answered: 1 week ago