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5/1/2019 Francis Corp. shipped $20,000 of merchandise on consignment to Lawrence Co. Lawrence Co. paid $1,000 for local advertising which is reimbursable from Francis. By
5/1/2019 | Francis Corp. shipped $20,000 of merchandise on consignment to Lawrence Co. | ||||
Lawrence Co. paid $1,000 for local advertising which is reimbursable from Francis. | |||||
By the end of the month, 60% of the merchandise had been sold for | 18,000 | ||||
Lawrence notified Francis, retained a 10% commission, and remitted the cash due to | |||||
Francis. | |||||
Prepare Francis Corp's journal entry when the cash is received on May 31, 2019. |
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