Reference no: EM131993425

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