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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...
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $200,000 (assume Marchetti uses a perpetual inventory system (2) paid $51000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $142,000 to credit customers for $255,000 (4) collected $235,000 in cash from credit customers, and (5) paid suppliers of inventory $180,000 Post the above transactions to the below T-accounts. Assume that the opening balances...
Brief Exercise 2-3 (Algo) T-accounts (LO2-4) The Marchetti Soup Company entered into the following transactions during...
Brief Exercise 2-3 (Algo) T-accounts (LO2-4) The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $144,000 to credit customers for $260,000; (4) collected $240,000 in cash from credit customers; and (5) paid suppliers of inventory $185,000. Post the above transactions to the below...
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...
2. The Marchetti Soup Company entered into the following transactions during the month of June: (1)...
2. The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $175,000 (assume Marchetti uses a perpetual inventory system); (2) paid $46,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $132,000 to credit customers for $230,000; (4) collected $210,000 in cash from credit customers; and (5) paid suppliers of inventory $155,000. Prepare journal entries for each of the above transactions. (If no entry...
Check my work The Marchetti Soup Company entered into the following transactions during the month of...
Check my work 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. points Analyze each transaction and show the effect of each...
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 $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. Prepare journal entries for each of the above transactions. (If no entry is...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 49,000 shares of common stock exchange for $490,000 in cash. 2. Purchased equipment at a cost of $59,000 $19,500 cash was paid and a notes payable to the seller was signed for the balance owed 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash 2 Purchased equipment at a cost of $54000 $17.000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $106.000 The company uses the perpetual inventory system 4. Credit sales for the month totaled...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 46,000 shares of common stock in exchange for $460,000 in cash. 2. Purchased equipment at a cost of $56,000. $18,000 cash was peld and a notes payable to the seler was signed for the balance owed. 3. Purchased inventory on account at a cost of $110.000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 50,000 shares of common stock in exchange for $500,000 in cash. 2. Purchased equipment at a cost of $60,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $200,000 (assume Marchetti uses a perpetual inventory system (2) paid $51000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $142,000 to credit customers for $255,000 (4) collected $235,000 in cash from credit customers, and (5) paid suppliers of inventory $180,000 Post the above transactions to the below T-accounts. Assume that the opening balances...
Brief Exercise 2-3 (Algo) T-accounts (LO2-4) The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $144,000 to credit customers for $260,000; (4) collected $240,000 in cash from credit customers; and (5) paid suppliers of inventory $185,000. Post the above transactions to the below...
Check my work 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. points Analyze each transaction and show the effect of each...
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. Prepare journal entries for each of the above transactions. (If no entry is...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 49,000 shares of common stock exchange for $490,000 in cash. 2. Purchased equipment at a cost of $59,000 $19,500 cash was paid and a notes payable to the seller was signed for the balance owed 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash 2 Purchased equipment at a cost of $54000 $17.000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $106.000 The company uses the perpetual inventory system 4. Credit sales for the month totaled...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 46,000 shares of common stock in exchange for $460,000 in cash. 2. Purchased equipment at a cost of $56,000. $18,000 cash was peld and a notes payable to the seler was signed for the balance owed. 3. Purchased inventory on account at a cost of $110.000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 50,000 shares of common stock in exchange for $500,000 in cash. 2. Purchased equipment at a cost of $60,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
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