The Marchetti Soup Company entered into the following transactions during the month of June: (a) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (b) paid $44,000 in salaries to employees for work performed during the month; (c) sold merchandise that cost $128,000 to credit customers for $220,000; (d) collected $200,000 in cash from credit customers; and (e) paid suppliers of inventory $145,000.
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 receivable, and accounts payable that had opening balances of $67,000, $47,000, and $26,000, respectively.
T- Accounts:
Cash
Accounts Receivable
Inventory
Accounts Payable
Sales Revenue
Cost of Goods Sold
Salaries Expense