Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Plash Ceramics shipped pottery with a total cost of $62,000 to Jardine Dinnerware on consignment. The retail price of the shipped pottery is $86.000. Plash

image text in transcribed
Plash Ceramics shipped pottery with a total cost of $62,000 to Jardine Dinnerware on consignment. The retail price of the shipped pottery is $86.000. Plash pays to its consignees a 24% fee on the retail price of the inventory sold. Plash shipped the pottery to Jardine on April 1 and Jardine sold the inventory on June 30. Prepare the joumal entries required for Plash Ceramics to record the consignment transaction (Record debits first, then credits. Exclude explanations from any journal entries) Begin by recording the journal entry for the inventory out on consignment Account April 1 Next record the entry for the commission expense and revenue Account June 30 Now record the entry for the cost of goods sold Account June 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Control And Audit In Management Accounting Cima Stage 4

Authors: Jeff Coates, Colin Rickwood, Ray Stacey

1st Edition

0750609958, 978-0750609951

More Books

Students also viewed these Accounting questions