Question
Carla Corporation shipped $19,300 of merchandise on consignment to Gooch Company. Carla paid freight costs of $2,100. Gooch Company paid $550 for local advertising, which
Carla Corporation shipped $19,300 of merchandise on consignment to Gooch Company. Carla paid freight costs of $2,100. Gooch Company paid $550 for local advertising, which is reimbursable from Carla. By year-end, 63% of the merchandise had been sold for $20,900. Gooch notified Carla, retained a 10% commission, and remitted the cash due to Carla. Prepare Carlas journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
(To record the cash remitted to Carla.) | ||
(To record the cost of inventory sold on consignment.) |
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