Please answer me as fast as you can.

Hi All, Apologies that this wasn't visible earlier. I had replied to some inquiries and appreciate you reaching out to let me know! An update here, the discussion forums, now that it's visible, it will be up for contribution (at your convenience), for the remainder of the semester. Hopefully that is helpful for everyone to coordinate in their schedules. Now, for the fun stuff! I don't know about you, but I LOVE consignment shopping. The thrill of looking through the racks and finding a gem garment to purchase, that not only am I excited to use, but is also unique, and able to be reused, is priceless! You might enjoy this activity (or other similar shopping transactions) also. Perhaps in the past you may not have recognized that this activity creates an accounting transaction? When my local shop (the consignee) acquires the merchandise from the consignor they are responsible for unpacking it, sorting it, and then merchandising it for shoppers to view and ultimately purchase. Upon receipt of these goods, unlike "normal" inventory, these items are NOT recognized on the books of the consignee at this time, but rather just a note that merchandise was received, tagged, and out for sale. As the garments are sold to shoppers, then the transaction would be recorded in the following manner: Dr. Cash XX Cr. Accounts Payable XX Generally, there will be some type of agreement by which it stipulates that the payment for these consigned goods doesn't need to be remitted to the consignor after each transaction, but rather when it's better suited to both parties. That said, as sales accumulate and the ultimate payout needs to occur to the consignor, then the consignee will record the following (or similar) transaction and payout the consignor: Dr. Accounts Payable XX Cr. Revenue from consignment sales XX Cr. Cash XX (to record the remittance of amount due to consignor and record revenue earned on sales) The amount of revenue that is recorded as earned will be calculated, often as a percentage of the sale price to the end user. This fee is the consignee's portion and recognition that they provided the space for sale, the customer service for shoppers, and merchandised the store. I hope you found that walkthrough just as fun as I did! What about you? What portion of this chapter could to take and apply to a real-life scenario? Perhaps you (or someone you know) has purchased a home that is being built, perhaps you're really interested in technology and follow sales of merchandise that have warranties, or perhaps you purchase gift cards for family and friends for special occasions and you've always wanted to understand the "accounting side" of these transactions?! Instructions: Naturally, the above is just mentioned for suggestions, fee to pick any section of this chapter and provide a real-life rather when it's better suited to both parties. That said, as sales accumulate and the ultimate payout needs to occur to the consignor, then the consignee will record the following (or similar) transaction and payout the consignor: Dr. Accounts Payable XX Cr. Revenue from consignment sales XX Cr. Cash XX (to record the remittance of amount due to consignor and record revenue earned on sales) The amount of revenue that is recorded as earned will be calculated, often as a percentage of the sale price to the end user. This fee is the consignee's portion and recognition that they provided the space for sale, the customer service for shoppers, and merchandised the store. I hope you found that walkthrough just as fun as I did! What about you? What portion of this chapter could to take and apply to a real-life scenario? Perhaps you (or someone you know) has purchased a home that is being built, perhaps you're really interested in technology and follow sales of merchandise that have warranties, or perhaps you purchase gift cards for family and friends for special occasions and you've always wanted to understand the "accounting side" of these transactions?! Instructions: Naturally, the above is just mentioned for suggestions, feel free to pick any section of this chapter and provide a real-life walkthrough of the revenue recognition related to somethin is fun for you