On April 16, 2013, Winger Company shipped 10 tractors to Yuma Farm Supply Company on consignment. Each
Question:
On April 16, 2013, Winger Company shipped 10 tractors to Yuma Farm Supply Company on consignment. Each tractor cost $30,000, and Winger incurred cash shipment costs of $100 per tractor.
The consignment agreement required payment to Winger at year-end. On December 31, 2013, the consignee reported that it had sold 6 tractors for $36,000 each. The consignee paid Winger the amount required under the agreement, after deducting the commission of 5% and advertising costs of $2,000 incurred by the consignee.
Required:
Prepare the 2013 journal entries for Yuma.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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