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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $220,000 (assume Marchetti uses a perpetual inventory system); (2) paid $55,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $150,000 to credit customers for $275,000; (4) collected $255,000 in cash from credit customers; and (5) paid suppliers of inventory $200,000.
Problem 1: 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 field.)
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