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number 2 buah it means units Problem 6-1. on June 1st, Lee Co, sent 25 radios to AM. Fields on a consignment basis, which must
number 2
buah it means units
Problem 6-1. on June 1st, Lee Co, sent 25 radios to AM. Fields on a consignment basis, which must be sold at an advertising price of @ $ 200. The cost to the consignor is @ $ 100. The freight paid by the consignor was $ 75. He agrees to cover the consignee's expenses for carriage and is also awarded the consignee $ 10 in delivery and installation per radio. Commission of 25% of the sale price. On June 30, A.M. Fields sends a summary of the consignment sale, which shows the following data; Received radio unit 25 buah Radio unit for sale 8 buah Radio unit returned to the consignor (damaged.... 2buah 10 buah Existing radio unit. 15 buah June 3-30 sales of 8 rado @ $ 200. $1.600 Load: Incoming haulage..... $50 Delivery and installation costs $ 80 Commission, 25% of sales ........ $ 400 $530 $1.070 Remittance attached $ 250 Outstanding balance (customer billing has not been done) ... $ 820 Requested: Compile the journal entries to record the transaction above as well as any adjustments required at the end of the period, in (1) the consignee's books, and (2) the consignor's books. Assume, that consignment profits are determined separately by both parties; neither party maintains a perpetual inventory recordStep by Step Solution
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