The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (2) paid $60,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $300,000 that had a cost of $160,000; (4) collected $280,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $225,000.

Prepare journal entries for each of the above transactions.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.