1 Consignment Question - Practice #1 2 3 On February 16, 2009 Iwanna Pass Inc sent merchandise to Bob's Tables n' Stuff 4 on consignment. Iwanna Pass pays freight to send the merchandise to Bob's 5 and agrees to pay commission to Bob's of 9% and a 2% allowance for 6 advertising costs. On March 31 Bob's lets lwanna Pass know they have sold all the 7 merchandise sent to them. Additional information is as follows: 8 9 Value of merchandise on conignment 275,000 10 Freight paid to ship the merchandise 5,000 11 Sales price of inventory 350,000 12 13 Required: 14 1. Record the entries required by Iwanna Pass Inc 15 2. Record the entries required by Bob's Tables n' Stuff