Please help me with the T balance Please help me with the T balance Marchetti So
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Question
Please help me with the T balance
Please help me with the T balance Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory ona $165,000 (assume Marchetti uses a perpetual inventory system): (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120.000 to credit customers for $200,000;(4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. ccount for st 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 $65,000, $43,000, and $22,000, respectively. (Enter transaction number in the column next to the amount.) C ash Accounts Receivable Beg. bal. 65,000 Beg. bal 43,000 1) 165,000 End. bal. 230,000 End. bal. 43,000 Accounts Payable Beg. bal 22,000 End. bal. End. ball 22,000 Sales Revenue Cost of Goods Sold Beg. bal K Prev2 of 7 Next>
Explanation / Answer
Journal entries: Event Account titles and explanation Debit Credit 1 Inventory 165000 Accounts payable 165000 (Purchased inventory on account) 2 Salaries expenses 40000 Cash 40000 (Paid salaries for the month) 3 Cost of goods sold 120000 Inventory 120000 (Cost of inventory sold) Accounts receivables 200000 Sales revenue 200000 (Sales for the month) 4 Cash 180000 Accounts receivables 180000 (Collected cash from customers) 5 Accounts payable 145000 Cash 145000 (Paid cash to suppliers) Cash Accounts receivable Debit Credit Debit Credit Beg bal. 65000 2 40000 Beg bal. 43000 4 180000 4 180000 5 145000 3 200000 Total 245000 Total 185000 Total 243000 Total 180000 Bal. 60000 Bal. 63000 Inventory Accounts payable Debit Credit Debit Credit 1 165000 3 120000 Beg bal. 22000 Total 165000 Total 120000 5 145000 1 165000 Bal. 45000 Total 145000 Total 165000 Bal. 20000 Sales revenue Cost of goods sold Debit Credit Debit Credit 3 200000 3 120000 Total 0 Total 200000 Total 120000 Total 0 Bal. 200000 Bal. 120000 Salaries expense Debit Credit 2 40000 Total 40000 Total 0 Bal. 40000 I appreciate your ratings