CONSIGNMENT ARRANGEMENT Field Mouse Corp. consigns tractors to Plow-It-Up, Inc. Number of tractors con

[answerhappygod]

CONSIGNMENT ARRANGEMENT







Field Mouse Corp. consigns tractors to Plow-It-Up, Inc.











Number of tractors consigned




10



Cost of each tractor



20,000



Selling price of each tractor



30,000



Commission charged by Plow-It-Up



5%


Local
advertising costs paid by Plow-It-Up to be






reimbursed by Field Mouse Corp.


1,000



Number of tractors sold




5











INSTRUCTIONS: Prepare the journal entries Field
Mouse will make upon receiving the sales




report and payment from Plow-It-Up on December 31, 2021.