The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
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The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased Inventory on account for $180,000 (assume Marchetti uses a perpetual inventory system); (2) paid $47,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $134,000 to credit customers for $235,000; (4) collected $215,000 in cash from credit customers; and (5) paid suppliers of Inventory $160,000. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased Inventory on account for $180,000 (assume Marchetti uses a perpetual inventory system); (2) paid $47,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $134,000 to credit customers for $235,000; (4) collected $215,000 in cash from credit customers; and (5) paid suppliers of Inventory $160,000. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)
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Transaction Account Title Debit Credit 1 Inventory 180000 Account... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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