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Analyze each transaction and show the effect of each

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Question - The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (2) paid $60,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $150,000 to credit customers for $300,000; (4) collected $280000 in cash from credit customers; and (5) paid suppliers of inventory $225,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Reference no: EM133105245

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