Question & Answer: The Marchetti Soup Company entered into the following transactions during the month of June (a) purchased inventory on accoun…..

please fill all T accounts
The Marchetti Soup Company entered into the following transactions during the month of June (a) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory systiem) (b) $60,000 in salaries to employees for work performed during the month (c) sold merchandise that cost $160,000 to credit customers for $300,000, (d) collected $280,000 in cash from credit customers, and (e) paid suppliers of inventory $225,000 Post the above transactions in the T-accounts given below Assume that the opening balances in each of the accounts is zero except for cash, accounts recelvable, and accounts payable that had opening balances of $75,000, $63,000, and $42,000, respectively Beg ball Beg ball End. bal End bal Beg bal Beg ball End bal End bal Beg bal Beg bal End. ba End bal Salaries expenise Beg bal End bal

The Marchetti Soup Company entered into the following transactions during the month of June (a) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory systiem) (b) $60,000 in salaries to employees for work performed during the month (c) sold merchandise that cost $160,000 to credit customers for $300,000, (d) collected $280,000 in cash from credit customers, and (e) paid suppliers of inventory $225,000 Post the above transactions in the T-accounts given below Assume that the opening balances in each of the accounts is zero except for cash, accounts recelvable, and accounts payable that had opening balances of $75,000, $63,000, and $42,000, respectively Beg ball Beg ball End. bal End bal Beg bal Beg ball End bal End bal Beg bal Beg bal End. ba End bal Salaries expenise Beg bal End bal

Expert Answer

 

Cash Accounts Receivable
Beg. bal. $75,000 Beg. bal. $63,000
(d) 280000 60000 (b) (c ) 300000 280000 (d)
225000 (e )
End. Bal. $70,000 End. Bal. $83,000
Inventory Accounts payable
Beg. bal. $42,000 Beg. bal.
(a) 245000 160000 (c ) (e ) 225000 245000 (a)
End. Bal. 85000 $62,000 End. Bal.
Sales revenue Cost of goods sold
Beg. bal. Beg. bal.
300000 (c ) (c ) 160000
300000 End. Bal. End. Bal. 160000
Salaries expense
Beg. bal.
(b) 60000
End. Bal. 60000

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