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.
Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero except for cash, accounts receivable, and accounts payable that had opening balances of $68,500, $50,000, and $29,000, respectively. (Enter the transaction number in the column next to the amount.)
T-accounts: Accounts recievable, Accounts payable, Service Revenue, Cash, Cost of Goods Sold, Salaries Expense, and Inventory.