Pharoah Manufacturing Inc Shipped Finished Goods Inventory With A Total Cost Of 48 600 To Ffa Retailing Ltd On May 1 (23.31 KiB) Viewed 12 times
Pharoah Manufacturing Inc Shipped Finished Goods Inventory With A Total Cost Of 48 600 To Ffa Retailing Ltd On May 2 (13.78 KiB) Viewed 12 times
# Pharoah Manufacturing Inc. shipped finished goods inventory with a total cost of $48.600 to FFA Retailing Ltd. on May 1. The agreement between the two companies was that FFA was to sell the product on consignment for Pharoah Manufacturing Pharoah incurred $4,200 in shipping costs in order to ship the merchandise. FFA paid a local newspaper $1.500 for advertising costs (which Pharoah promised to reimburse). At September 30, the end of the accounting year for both companies, FFA had sold 75% of the merchandise for total sales of $69.900. FFA notified Pharoah of the sales, retained a 20% commission, and remitted the cash due to Pharoah Part 1 Prepare the journal entries required by the above transactions on the books of Pharoah Manufacturing. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Part 2 Prepare the journal entries required by the above transactions on the books of FFA Retailing. (Round answers to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
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