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Show the effect of each on the accounting equation

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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $215,000 (assume Marchetti uses a perpetual inventory system); (2) paid $54,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $148,000 to credit customers for $270,000; (4) collected $250,000 in cash from credit customers; and (5) paid suppliers of inventory $195,000.

Problem 1: Analyze each transaction and show the effect of each on the accounting equation for a corporation.

Reference no: EM132626797

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