Pablo Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Pablos
Question:
Record all journal entries for consignment- related transactions for both the consignor and consignee.
Transcribed Image Text:
Transaction Date February 2, 2017 May 15, 2017 June 1, 2017 January 3, 2018 January 5, 2018 Amount Cost S400,000 Ships merchandise on consignment to Left Aid Pharmacy Left Aid Pharmacy sells 75% of the consigned inventory for cash. Left Aid notifies Pablo about the sale and remits the cash collected to Pablo, net of the 15% commission. Left Aid sells the remainder of the consigned merchandise for cash Left Aid notifies Pablo and remits the cash collected net of the 15% commission. Retail Value $1,000,000 $750,000 $750,000 $250,000 $250,000
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February 22017 Ships consigned inventory May 152017 75 of the inventory is sold by consignee June 1 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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