A&N Sports Emporium delivers its products to small athletic equipment retailers on consignment. A&N shipped six basketba
Posted: Mon May 30, 2022 6:58 am
A&N Sports Emporium delivers its products to small athletic
equipment retailers on consignment. A&N shipped six basketball
goals on consignment with a total cost of $5,000 to Basketballs,
Inc., on May 7 of the current year. The goals have a combined
retail selling price of $11,000. If Basketballs, Inc.. sells the
goals, it will be paid a 10% commission on the total retail price
of the products. Basketballs, Inc., sold all of the goals on June
20. It notified A&N of the sale and remitted the cash, net of
the 10% commission, on June 23. Prepare the journal entries for
both parties to record the consignment transaction.
Prepare the journal entries.
equipment retailers on consignment. A&N shipped six basketball
goals on consignment with a total cost of $5,000 to Basketballs,
Inc., on May 7 of the current year. The goals have a combined
retail selling price of $11,000. If Basketballs, Inc.. sells the
goals, it will be paid a 10% commission on the total retail price
of the products. Basketballs, Inc., sold all of the goals on June
20. It notified A&N of the sale and remitted the cash, net of
the 10% commission, on June 23. Prepare the journal entries for
both parties to record the consignment transaction.
Prepare the journal entries.