Question : Question
The Marchetti Soup Company entered into
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, write "No journal entry required".