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Larkspur Corporation shipped $18,300 of merchandise on consignment to Gooch Company. Larkspur paid freight costs of $1,800. Gooch Company paid $510 for local advertising, which

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Larkspur Corporation shipped $18,300 of merchandise on consignment to Gooch Company. Larkspur paid freight costs of $1,800. Gooch Company paid $510 for local advertising, which is reimbursable from Larkspur. By year-end, 59% of the merchandise had been sold for $20,800. Gooch notified Larkspur, retained a 9% commission, and remitted the cash due to Larkspur. Prepare Larkspur's journal entry when the cash is received. (Round answers to decimal places, eg. 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 O for the amounts.) Account Titles and Explanation Debit Credit Cash 18418 Commission Expense 1872 Advertising Expense 510 Revenue from Consignment Sales 20800 (To record the cash remitted to Larkspur.) Cost of Goods Sold 13334 Inventory on Consignment 13334 (To record the cost of inventory sold on consignment.)

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