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0.83 points Brief Exercise 2-2 Jounal entries LO2-21 The Marchetti Soup Company entered into the following transactions during the month of June (a) purchased inventory on account for $215,000 (assume Marchetti uses a perpetual inventory system); (b) paid $54,000 in salaries to employees for work performed during the month, (c) sold merchandise that cost $148.000 to credit customers for $270,000: (d) collected $250,000 in cash from credit customers; and (e) paid suppliers of inventory $195,000. Prepare journal entries for each of the above transactions. (If no entry is required for a particular transaction, select No journal entry required” in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal DebitCredit Inventory Accounts payable
Expert Answer
SOLUTION
Q1. Journal Entries
| S.No. | Accounts title and Explanations | Debit ($) | Credit ($) |
| 1. | Merchandise inventory | 215,000 | |
| Accounts payable | 215,000 | ||
| 2. | Salaries expense | 54,000 | |
| Cash | 54,000 | ||
| 3. | Accounts receivable | 270,000 | |
| Sales | 270,000 | ||
| Cost of Goods Sold | 148,000 | ||
| Merchandise Inventory | 148,000 | ||
| 4. | Cash | 250,000 | |
| Accounts Receivable | 250,000 | ||
| 5. | Accounts Payable | 195,000 | |
| Cash | 195,000 |
