INTERMEDIATE ACCOUNTING <CUSTOM LL>
INTERMEDIATE ACCOUNTING <CUSTOM LL>
10th Edition
ISBN: 9781260887068
Author: SPICELAND
Publisher: MCG CUSTOM
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Chapter 2, Problem 2.1BE

Transaction analysis

• LO2–1

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. Analyze each transaction and show the effect of each on the accounting equation for a corporation.

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INTERMEDIATE ACCOUNTING <CUSTOM LL>

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