2. 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. 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.)
2. 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.
Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No
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 to credit customers for $270,000. Record the sale.
4. Merchandise that was sold cost $148,000. Record the cost of the sale.
5. Collected $250,000 in cash from credit customers.
6. Paid suppliers of inventory $195,000.
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