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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 $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.
Required:
(a) Analyze each transaction and show the effect of each on the accounting equation for a corporation.

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Answer:

Kindly find the following transactions of  Marchetti Soup Company during the month of June below in the Explanation section

Explanation:

Solution

 Transaction      Account Title              Debit       Credit

    1.                   Inventory              165,000

                          Accounts payable                     165,000

    2.             Salaries expense            40,000

                                    Cash                                 40,000

    3.             Accounts receivable      200,000

                                    Sales                                200,000

               Cost of merchandise sold   120,000  

                                Inventory                              120,000

     4                            Cash                 180,000  

                           Accounts receivable                 180,000

     5                  Accounts payable      145,000  

                                   Cash                                   145,000

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