Search -6, 6th Ed) Saved Help The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balances All of the accounts listed have normal balances. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accusulated Depreciation Notes Payable (long-term) Deferred Revenue Service Revenue Salaries and Wagea Expense 12,000 2,400 1,800 5, 600 14,000 2,400 24,000 7,000 34,0004 32,000 The following information is also available A) A count of supplies revealed $800 worth on hand at December 31, 2018 B) An insurance policy, purchased on January 1, 2018, covers four years C) The equipment depreciates at a rate of $1,400 per year, no depreciation has been recorded for 2018 D) One half (or 50 % ) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018 E) The accrued amount of salaries and wages at December 31, 2018 is $2.400 Required: Prepare the required adjustments for the company as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 31 of 36
Record the entry for closing revenue and expense account Note: Enter debits before credits Transaction General Jourmal Debit Credit 32 of 36 Record an amount of $280 towards petty cash fund. Note: Enter debits before credts o search DELL F4 FS F6 F7 FB F11 PrtScr Delete F9 F10 F12 Insert $ & Backspace 6 4 5 7 E R T Y P Help Seve & Exit Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December Both companies use a perpetual inventory system December 3-Vogel Corporation sold inventory on account to Hatcher Corp for $240,000, terms 2/10, n/30 This inventory originally cost Vogel $160,000. December 8-Hatcher Corp returned inventory to Vogel Corporation for a credit of $15,000 Vogel returned this inventory to inventory at its original cost of $10,000 December 12-Hatcher Corp 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? eWhat is the Vogel Corporation's gross profit percentage? Complete this qestion by entering your answers in the tabs bekow Required A Required Required C Prepare the journal entries to record these transactons on the books of Vogel Corporation (f no entry is required for a transaction/event, select "No Jourmal Entry Requredrn the frst account Seld.) Vwtransaction t 35 of 36 Record the entry for closing revenue and expense account Note: Enter debits before credits Transaction General Jourmal Debit Credit 32 of 36 Record an amount of $280 towards petty cash fund. Note: Enter debits before credts o search DELL F4 FS F6 F7 FB F11 PrtScr Delete F9 F10 F12 Insert $ & Backspace 6 4 5 7 E R T Y P Help Seve & Exit Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December Both companies use a perpetual inventory system December 3-Vogel Corporation sold inventory on account to Hatcher Corp for $240,000, terms 2/10, n/30 This inventory originally cost Vogel $160,000. December 8-Hatcher Corp returned inventory to Vogel Corporation for a credit of $15,000 Vogel returned this inventory to inventory at its original cost of $10,000 December 12-Hatcher Corp 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? eWhat is the Vogel Corporation's gross profit percentage? Complete this qestion by entering your answers in the tabs bekow Required A Required Required C Prepare the journal entries to record these transactons on the books of Vogel Corporation (f no entry is required for a transaction/event, select "No Jourmal Entry Requredrn the frst account Seld.) Vwtransaction t 35 of 36
