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I need help answering this area (D) Current Attempt in Progress Cullumber Ranch & Farm is a distributor of ranch and farm equipment. Its products
I need help answering this area (D)
Current Attempt in Progress Cullumber Ranch \& Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Cullumber's products. Pricing and cost information on three of Cullumber's most popular products are as follows. Respond to the requirements related to the following independent revenue arrangements for Cullumber Ranch \& Farm. (a) On April 25, 2020, Cullumber ships 90 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 30 , 2020 , Farm Depot has sold 60 of the consigned augers at the listed price of $1,300 per unit. Farm Depot notifies Cullumber of the sales, retains a 10% commission, and remits the cash due Cullumber. Prepare the journal entries for Cullumber and Farm Depot for the consignment arrangement. (Credit account titles are automatically indented when the 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.) (To record cost of sales) Entries for Farm Depot Apr. 25, 2020 v Cash CO Unearned Sales Revenue (To record consignment sales) Jun. 30,2020 v Payable to Consignor Cash (To record payment) 4Step by Step Solution
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