Uses perpetual inventory system

Assignment Help Financial Accounting

Reference no: EM131219240

The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (b) paid $60,000 in salaries to employees for work performed during the month; (c) sold merchandise that cost $160,000 to credit customers for $300,000; (d) collected $280,000 in cash from credit customers; and (e) paid suppliers of inventory $225,000.

Prepare journal entries for each of the above transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

Reference no: EM131219240

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