The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
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.
|
Journal entry worksheet
- Paid $44,000 in salaries to employees for work performed during the month.
Note: Enter debits before credits.
|
Journal entry worksheet
- Sold merchandise to credit customers for $220,000.
Note: Enter debits before credits.
|
Journal entry worksheet
- Merchandise that was sold cost $128,000.
Note: Enter debits before credits.
|
Journal entry worksheet
- Collected $200,000 in cash from credit customers.
Note: Enter debits before credits.
|
Journal entry worksheet
- Collected $200,000 in cash from credit customers.
Note: Enter debits before credits.
|
Journal entry worksheet
- Paid suppliers of inventory $145,000.
Note: Enter debits before credits.
|
Homework Answers
1.
Journal
| 1 | Inventory | 165,000 | |
| Accounts payable | 165,000 |
2.
Journal
| 2 | Salaries expense | 44,000 | |
| Cash | 44,000 |
3.
Journal
| 3a | Accounts receivables | 220,000. | |
| Sales | 220,000. |
3
Journal
| 3b | Cost of goods sold | 128,000 | |
| Inventory | 128,000 |
4.
Journal
| 4 | Cash | 200,000 | |
| Accounts receivable | 200,000 |
5.
Journal
| 5 | Accounts payable | 145,000 | |
| Cash | 145,000 |
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