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What I have entered is correct so far. I need help filling in the rest of the chart. Thanks The Marchetti Soup Company entered into
What I have entered is correct so far. I need help filling in the rest of the chart. Thanks
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $230,000 (assume Marchetti uses a perpetual inventory system); (2) paid $57,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $154,000 to credit customers for $285,000, (4) collected $265,000 in cash from credit customers, and (5) paid suppliers of inventory $210,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) Assets Liabilities + Paid-in capital + Retained Earnings (1) $230,000230,000 (57,000) 131,000 (5)(210,000)Step by Step Solution
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