The Marchetti Soup Company entered into the following transactions during the month of Juner () prchaned wentory on accou fo $205,000 (assume Marchetti uses a perpetual inventory system), (2) pad $52,000 in salanes to employees tor work pertomed dunng the month; (3) sold merchandise that cost $144,000 to credit customers for $200,000, (4) collected $240000 in canh trom ereda customers; and (5) paid suppliers of inventory $185,000. Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts in zero excepa tor cash, accounts receivable, and accounts payable that had opening balances of $71,0o00, $55,000, and $34,000, respectively (Enter the transaction number in the column next to the amount.) Beg bal Beg. bal End bal. End. bal. Inventory Accounts payable Beg bal Beg bal End bal End bal.

The Marchetti Soup Company entered into the following transactions during the month of Juner () prchaned wentory on accou fo $205,000 (assume Marchetti uses a perpetual inventory system), (2) pad $52,000 in salanes to employees tor work pertomed dunng the month; (3) sold merchandise that cost $144,000 to credit customers for $200,000, (4) collected $240000 in canh trom ereda customers; and (5) paid suppliers of inventory $185,000. Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts in zero excepa tor cash, accounts receivable, and accounts payable that had opening balances of $71,0o00, $55,000, and $34,000, respectively (Enter the transaction number in the column next to the amount.) Beg bal Beg. bal End bal. End. bal. Inventory Accounts payable Beg bal Beg bal End bal End bal.

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Description: The Marchetti Soup Company entered into the following transactions during the month of June ( purchansed wwentory on account for$205,000 (assume Marchetti uses a perpetual inventory system), (2) paid $52.000 in salanes to employees tor work pertomed

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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answer in text form please (without image), Note: .Every entry should have narration please
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The Marchetti Soup company entered into the following transactions during the month of June:(1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system): (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $ 145,000, pass journals.
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Sandhill Wholesalers uses a perpetual inventory system.March. 1. Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point.2. The correct company pays $150 for the shipping charges.3. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account.21.Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination.22.The correct company pays $195 for freight charges.23.Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account.30.Stellar paid Sandhill the amount owing for the merchandise purchased on March 1.31.Stellar paid Sandhill the amount owing for the merchandise purchased on March 21. Additional information: March.1. Sandhill's cost of the merchandise sold to Stellar was $4,100.3.…