The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $230,000 (assume Marchetti uses a perpetual inventory system); (2) paid $57,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $154,000 to credit customers for $285,000; (4) collected $265,000 in cash from credit customers; and (5) paid suppliers of inventory $210,000. Post the above transactions to the below T-accounts. 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 $73,500, $60,000, and $39,000, respectively. (Enter the transaction number in the column next to the amount.)
3. The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $230,000 (assume Marchetti uses a perpetual inventory system); (2) paid $57,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $154,000 to credit customers for $285,000; (4) collected $265,000 in cash from credit customers; and (5) paid suppliers of inventory $210,000.
Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero except for cash,
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