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telo118 [61]
3 years ago
12

The Marchetti Soup Company entered into the following transactions during the month of June:_________.

Business
1 answer:
Delvig [45]3 years ago
8 0

Answer: Please find answers in the explanation column

Explanation:

a.) journal entry to record  purchase of inventory on account by the company

Date            Accounts                                 Debit               Credit

June                      Inventory                   $245,000

          Accounts payable                                                  $245,000

b.) journal entry to record  for the payment of salaries to the employees

Date            Accounts                                     Debit               Credit

June        Salaries and wages expenses    $60,000                

         Cash                                                                               $60,000

c1.) journal entry to record  the sale of merchandise to customers

Date            Accounts                                     Debit               Credit

June         Cash                                           $300,000

            Sales Revenue                                                             $300,000

c2.) journal entry to record  the cost involved in the sale of merchandise to customers

Date            Accounts                                     Debit               Credit

June         Cost of goods sold                     $160,000                    

            inventory                                                                     $160,000

d.) journal entry to record  the cash collected from the customers

Date            Accounts                                     Debit               Credit

June         Cash                                             $280,000                

            Account receivable                                                    $280,000

e.) journal entry to record   the payment of cash to the suppliers of inventory

Date            Accounts                                     Debit               Credit

June             Account payable                   $225,000                

       Cash                                                                                $225,000

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