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Crane Corporation shipped $19,000 of merchandise on consignment to Ivanhoe Company. Crane paid freight costs of $2,000. Ivanhoe Company paid $470 for local advertising, which
Crane Corporation shipped $19,000 of merchandise on consignment to Ivanhoe Company. Crane paid freight costs of $2,000. Ivanhoe Company paid $470 for local advertising, which is reimbursable from Crane. By year-end, 66% of the merchandise had been sold for $21,600. Ivanhoe notified Crane, retained a 11% commission, and remitted the cash due to Crane. Prepare Crane's journal entry when the cash is received. (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 O for the amounts. List all debit entries before credit entries.)
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