Marchetti Soup Company made the following transactions during the month of June: (1) purchased inventory on account
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Question:
Marchetti Soup Company made the following transactions during the month of June: (1) purchased inventory on account for $240,000 (assume Marchetti uses a perpetual inventory system); (2) paid $59,000 in wages to employees for work performed during the month; (3) sold merchandise costing $158,000 to credit customers $295,000; (4) collected $275,000 in cash from credit clients; and (5) paid suppliers of inventory $220,000 |
Prepare journal entries for each of the above transactions.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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