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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system): (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $260,000 that had a cost of $144,000; (4) collected $240,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $185,000. 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 $71,000, $55,000, and $34,000, respectively. Note: Enter the transaction number in the column next to the amount. Beginning balance (1) (1) Ending balance Beginning balance Cash Inventory (1) (1) Beginning balance Ending balance Beginning balance Accounts receivable Accounts payable

The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system): (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $260,000 that had a cost of $144,000; (4) collected $240,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $185,000. 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 $71,000, $55,000, and $34,000, respectively. Note: Enter the transaction number in the column next to the amount. Beginning balance (1) (1) Ending balance Beginning balance Cash Inventory (1) (1) Beginning balance Ending balance Beginning balance Accounts receivable Accounts payable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $260,000 that had a cost of $144,000; (4) collected $240,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $185,000. 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 $71,000, $55,000, and $34,000, respectively. Note: Enter the transaction number in the column next to the amount. Beginning balance (1) (1) Ending balance Beginning balance Cash Inventory (1) (1) Beginning balance Ending balance Beginning balance O CALLIGAN MANE Accounts receivable Accounts payable
Transcribed Image Text:The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold inventory on account to customers for $260,000 that had a cost of $144,000; (4) collected $240,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $185,000. 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 $71,000, $55,000, and $34,000, respectively. Note: Enter the transaction number in the column next to the amount. Beginning balance (1) (1) Ending balance Beginning balance Cash Inventory (1) (1) Beginning balance Ending balance Beginning balance O CALLIGAN MANE Accounts receivable Accounts payable
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