BusinessCours A Return to course Support - Dashboard Philip Yun eBock Print Videos Question 4 Parsily connect Mark 23.00 out of 27.00 P Raques Recording Revenue and Receivables Under a Consignment Arrangement On March 15, 2020, Drexel Corp provides goods to a retailer through consgnment where Drexel Corp retains ownership of the goods until the goods are sold to the retailer's customer Sale to the final customer is documented when the goods are scanned at the cash register of the retailer. Drexel Corp. receives a daily report on the number of units sold by the retailer to the end customer. Any unsold product can be returned to Drexel Corp. at anytime. Drexel Corp. has the right through the contract to recall any goods shipped and to transfer the goods to another retaller as a way to increase the rate of sales to the final customer. After the sale of the products to the final customer, the retailer cannot return the items to Drexel Corp. During March of 2020. Drexel Corp. transferred 960 units to the retaler and the retailer sold 800 units. The product cost Drexel Corp, 580 per unit and the product was sold for 5115 per unit to the end customer. The retailersent a payment to Drexel Corp, for the cash collected on the sale of product less a 10 commission on April 7, 2020 2. At what point should Drexel Corp. recognize revenue? Recognize revenue when the product is sold to the end customer b. Record Drexels entries on March 15, 2020, March 31, 2020, and April 7, 2020. Note: it a youmal entry for a line of the journal entry on't required for the transaction, selet "M/A' ss the account names and leave the Dr, and answers blank (zero) Date Account Name Mar 15. 2020 NA NA Mar 31.2020 Due from Corsi 110.400 Sales Commision Expense Sales Revenue . The record the soft Cost of Goods Sold 64000 Inventory Dorecard De costosedut Apr 7.2020 Cash Due from Conge Dr. O 0 0 O 92.000 OX O O 64000 O OX O OM Check