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Weber Inc. ships merchandise on consignment to Spin Master Toys, a retailer on January 4, 2020. The cost of the merchandise is $22,000, and Weber
Weber Inc. ships merchandise on consignment to Spin Master Toys, a retailer on January 4, 2020. The cost of the merchandise is $22,000, and Weber Inc. pays the freight cost of $1,000 to ship the goods to the retailer. On August 31, 2020 (Spin Master Toys accounting year end), Spin Master Toys notifies Weber Inc. that 60% of the merchandise has been sold for $49,000. Spin Master Toys retains a 10% commission as well as $2,600, which represents advertising costs it paid, and remits the balance owing to Weber Inc. Please make sure your final answer(s) are accurate to 2 decimal places. a) Complete the journal entries required by Weber Inc. for the above transactions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). b) Complete the journal entries required by Spin Master Toys for the above transactions on their accounting year end. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan)
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