Question

The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $225,000 fassume Marchetti uses a perpetual inventory system, (2) paid $56,000 in salaries to employees for work performed during the month (3) sold merchandise that cost $152,000 to credit customers for $280,000 (4) collected $260,000 in cash from credit customers, and (5) paid suppliers of inwentory $205 000 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 $73,000 $59,000, and $38,000, respectively. (Enter the transaction number in the column next to the amount.)

Answer 1

Account Receivable yo Cash - Beg.cal. $59000 a 25000 - Sales Dereve - 4 $26000 4 OY Tony og sal $73000 Salaries - & 56000 2 nouat Recehakte $26000 I Account Payable - & 205000 5 ng bal - 472000 Cash closing bal. $ 79000 $339000 $33 3000 4333 900 $339,800 Accounts Payable Invertory Trons. e Beg bal Beg.bal Inventory con - 4 38000 - 4225000 8205000 - 1 $15.000 3 - Account parable $225050 Cost of Good sold - hasing bal - 423000 clering bal. $58000 225000 $225000 $225000 $22S000 $ 263000 263000 6 263000 $ 263000 Cost of Good sold Sales Revenue - - - $152000 - & 280000 3 Begibal Inventory closing bal Beg. bal - Account Receivable - Closing bal. $2800 4152000 - $ 98000 $ 28081/ $152000 $152800 Salaries Expenses er og Thong. Beg.bail caan 456000 - 56.00 elesing bolt Show 56000