2 3 Record Walton's January 1st journal entry to recognize the consignment of the 100,000 widgets...

  

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2 3 Record Walton's January 1st journal entry to recognize the consignment of the 100,000 widgets to Courteous Consignment, Inc. These widgets cost $4 each to manufacture. 4 Walton's elects to use a consigned inventory account to keep track of its consigned goods. 456789 Part Two During January, Courteous Consignment, Inc. sold 35,000 widgets on behalf of Walton's. Record the January 31st journal entry to recognize the revenues from the sale of consigned 10 inventory. 11 12 13 14 Walton's consigned 100,000 widgets to Courteous Consignment, Inc. Under the terms of this consignment, Courteous will sell the widgets on Walton's behalf for $10 per unit and charge a 15% commission on each widget sold. The terms of the contract state that Courteous Consignment will hold the amounts collected from widget sales until either all units have been sold or two months have passed. If Courteous Consignment, Inc. does have unsold widgets remaining after two months, they will be returned to Walton's. Part One 15 16 17 18 19 20 Record the January 31st journal entry to recognize the cost of goods sold expense for consigned sales. Part Three During February, Courteous Consignment sold 50,000 widgets on behalf of Walton's. Record the February 28th journal entry to recognize the revenues from the sale of 21 consigned inventory. 22 23 PIT (Down Payment) Revenue over Time Expected Value Stand Alone Consignment + 2 3 Record Walton's January 1st journal entry to recognize the consignment of the 100,000 widgets to Courteous Consignment, Inc. These widgets cost $4 each to manufacture. 4 Walton's elects to use a consigned inventory account to keep track of its consigned goods. 456789 Part Two During January, Courteous Consignment, Inc. sold 35,000 widgets on behalf of Walton's. Record the January 31st journal entry to recognize the revenues from the sale of consigned 10 inventory. 11 12 13 14 Walton's consigned 100,000 widgets to Courteous Consignment, Inc. Under the terms of this consignment, Courteous will sell the widgets on Walton's behalf for $10 per unit and charge a 15% commission on each widget sold. The terms of the contract state that Courteous Consignment will hold the amounts collected from widget sales until either all units have been sold or two months have passed. If Courteous Consignment, Inc. does have unsold widgets remaining after two months, they will be returned to Walton's. Part One 15 16 17 18 19 20 Record the January 31st journal entry to recognize the cost of goods sold expense for consigned sales. Part Three During February, Courteous Consignment sold 50,000 widgets on behalf of Walton's. Record the February 28th journal entry to recognize the revenues from the sale of 21 consigned inventory. 22 23 PIT (Down Payment) Revenue over Time Expected Value Stand Alone Consignment +

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ANSWER Part One On January 1st Waltons records the consignment of ... View the full answer