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Brief Exercise 2-7 (Algo) Transaction analysis [LO2-1] The Marchetti Soup Company entered into the following...

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Brief Exercise 2-7 (Algo) Transaction analysis [LO2-1] 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 inventory on account to customers for $220,000 that had a cost of $128,000; (4) collected $200,000 in cash from credit customers; and (5) paid on account to suppliers of inventory $145,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation

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