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Please help w the following Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companles use a
Please help w the following
Two different companies, Vogel Corporation and Hatcher Corporation, entered into the following inventory transactions during December. Both companles use a perpetual inventory system using the gross method of recording sales discounts. - December 3-Vogel Corporation sold inventory on account to Hatcher Corporation for $496,000, terms 1/10,n/30. This inventory originally cost Vogel $313,000. - December 8 - Hatcher Corporation returned inventory to Vogel Corporation for a credit of $4,100. Vogel returned this inventory to inventory at its original cost of $2,587. - December 12 - Hatcher Corporation paid Vogel Corporation for the amount owed. Required: a. Prepare the journal entries to record these transactions on the books of Vogel Corporation. b. What is the amount of net sales to be reported on Vogel Corporation's income statement? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Prepare the journal entries to record these transactions on the books of Vogel Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account feld.) On September 1 a a company established a petty cash fund of $240. On September 10 , the petty cash fund was replenished when there was $86 remaining and there were petty cash recelpts for supplles, $55, and postage, $82. On September 15, the petty cash fund was Increased to $335 Required: Prepare the journal entries, If any, required on September 1, September 10, and September 15 , (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld.) Step by Step Solution
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