Question: 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 $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.)
PLEASE USE T-ACCOUNT FORMAT WITH THESE TWO COLOUMNS
CASH ACCOUNTS RECEIVABLE
INVENTORY ACCOUNTS PAYABLE
SALES REVENUE COST OF GOODS SOLD
SALARIES EXPENSE