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) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account

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) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account

• Purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system).

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(1)

Journal entry worksheet

• Paid $44,000 in salaries to employees for work performed during the month.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(2)

Journal entry worksheet

• Sold merchandise to credit customers for $220,000.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(3a)

Journal entry worksheet

• Merchandise that was sold cost $128,000.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(3b)

Journal entry worksheet

• Collected $200,000 in cash from credit customers.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(4)

Journal entry worksheet

• Collected $200,000 in cash from credit customers.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(4)

Journal entry worksheet

• Paid suppliers of inventory $145,000.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
(5)