The Marchetti Soup Company entered into the following transa

The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $235,000 (assume Marchetti uses a perpetual inventory system); (2) paid $58,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $156,000 to credit customers for $290,000; (4) collected $270,000 in cash from credit customers, and (5) paid suppliers of inventory $215,000. Prepare journal entries for each of the above transactions. (lf no entry is required for a transaction/event, select \"No journal entry required\" in the first account field.) View transaction list Journal entry worksheet Paid $58,000 in salaries to employees for work performed during the month Note: Enter debits bcforc crcdits

Solution

1 Inventory 235000 Accounts payable 235000 2 Salaries expense 58000 Cash 58000 3 Accounts Receivable 290000 Sales Revenue 290000 4 Cost of goods sold 156000 Inventory 156000 5 Cash 270000 Accounts Receivable 270000 6 Accounts Payable 215000 Cash 215000