List Of accounts- Accounts Payable, Accounts Receivable, Advertising Expense, Allowance for Doubtful Accounts, Allowance for Sales Returns and Allowances, Cash, Commission Expense, Commission Revenue, Compensation Expense, Consignment Sales, Construction Expenses, Contract Asset/Liability, Cost of Goods Sold, Estimated Inventory Returns, Interest Expense, Interest Income, Interest Payable, Interest Receivable, Inventory, Inventory on Consignment, Loss from Long-Term Contracts, Materials, Cash, Payables, Miscellaneous Expense, No Entry, Notes Receivable, Office Expense, Refund Liability, Rent Revenue, Returned Inventory, Revenue from Consignment Sales. Revenue from Long-Term Contracts,Sales DiscountsSales Discounts Forfeited, Sales Returns and Allowances, Sales Revenue, Service Revenue, Unearned Rent Revenue, Unearned Revenue, Utilities Expense,Warranty ExpenseWarranty Liability, Warranty Revenue

Wildhorse Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Wildhorse ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Wildhorse on consignment. During 2020, Wildhorse ships $119,500 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $72,000. CMR notifies Wildhorse of the sales, retains a 20% commission, and remits the cash due to Wildhorse. Prepare all the necessary journal entries on the books of Wildhorse Manufacturing to record the consignment transactions. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Inventory on Consignment Inventory (To record shipped merchandise) 2. Inventory on Consignment Cash (To record year end sales entry) 3. (To record year end cost of goods) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record year end sales entry) 2. (To record remittance to consignor)