The accounts is zero except for cash-accounts receivable

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Reference no: EM131286242

The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (b) paid $44,000 in salaries to employees for work performed during the month; (c) sold merchandise that cost $128,000 to credit customers for $220,000; (d) collected $200,000 in cash from credit customers; and (e) paid suppliers of inventory $145,000.

Post the above transactions in the T-accounts given below. 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 $67,000, $47,000, and $26,000, respectively.

T- Accounts:

Cash

Accounts Receivable

Inventory

Accounts Payable

Sales Revenue

Cost of Goods Sold

Salaries Expense

Reference no: EM131286242

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