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Marigold Corporation shipped $20,300 of merchandise on consignment to Gooch Company. Marigold paid freight costs of $2,200. Gooch Company paid $500 for local advertising, which
Marigold Corporation shipped $20,300 of merchandise on consignment to Gooch Company. Marigold paid freight costs of $2,200. Gooch Company paid $500 for local advertising, which is reimbursable from Marigold. By year-end, 61% of the merchandise had been sold for $23,100. Gooch notified Marigold, retained a 11% commission, and remitted the cash due to Marigold. Prepare Marigolds journal entry when the cash is received.
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