Question
17. On May 5, 2019, ABC Furniture shipped 40 dining sets on consignment to a decoration shop. The cost of each dining set was 350
17. On May 5, 2019, ABC Furniture shipped 40 dining sets on consignment to a decoration shop. The cost of each dining set was 350 each. The cost of shipping the dining sets amounted to 4,000 and was paid for by ABC Furniture by cash. On July 30, 2019, the consignee reported the sale of 30 dining sets at 850 each. The consignee remitted payment for the amount due after deducting a 8% commission, advertising expense of 600, and installation and setup costs of 800.
Instructions: Show relevant journal entries for consignor for this transaction. (10 points)
Step 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