Question & Answer: please answer all the questions…..

please answer all the questions
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
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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

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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

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