Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Will you please help me with this financial accounting hw question? Two different companies, Vogel and Hatcher, entered into the following inventory transactions during December.
Will you please help me with this financial accounting hw question?
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 $499,000, terms 2/10, n/30. This inventory originally cost Vogel $316,000. December 8 - Hatcher Corp. returned inventory to Vogel Corporation for a credit of $3,400. Vogel returned this inventory to inventory at its original cost of $2,153. 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? c. What is the Vogel Corporation's gross profit percentage? Complete this question by entering your answers in the tabs below. Required A Required B Required C 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 field.) View transaction list Journal entry worksheet Record the entry for receipt of accounts receivable and related sales discount for terms 2/10, n/30. Journal entry worksheet 1 2 3 4 5 Record the entry for sale of inventory on account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 03 Accounts Receivable 499,000 Sales Revenue 499,000 Record entry Clear entry View general journal Record the entry for reversal of cost of inventory sold on account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 08 Inventory 2,153 Cost of Goods Sold 2,153 Record entry Clear entry View general journal Journal entry worksheetStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started