Business, 28.08.2020 14:01, MarishaTucker
The Marchetti Soup Company entered into the following transactions during the month of June:
(1) purchased inventory on account for $195,000 (assume Marchetti uses a perpetual inventory system);
(2) paid $50,000 in salaries to employees for work performed during the month;
(3) sold merchandise that cost $140,000 to credit customers for $250,000;
(4) collected $230,000 in cash from credit customers; and
(5) paid suppliers of inventory $175,000.
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 $70,000, $53,000, and $32,000, respectively.
Answers: 3
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The Marchetti Soup Company entered into the following transactions during the month of June:
(1) pu...
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