The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.  

June1Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd. 

June5Sage Hill pays the freight of $6,000 for the above shipment of June 1. 

June30Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash. 

June30Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole. 

a) Prepare the journal entries necessary on the books of Sage Hill Corp.

b) Prepare the journal entries necessary on the books of Oriole Stores Ltd on June 1, June 5 and June 30.

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

The following are transactions between Sage Hill Corp., the consignor, and Oriole Stores Ltd., the consignee, for the month of June 2020. Sage Hill uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Oriole to Sage Hill and a net payment is made. The agreement stipulates that Oriole is to receive a 20% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses.

June	1		Sage Hill Corp. ships merchandise costing $489,000 on consignment to Oriole Stores Ltd.
June	5		Sage Hill pays the freight of $6,000 for the above shipment of June 1.
June	30		Summary entry for the month of June: Oriole sells half of the merchandise for $665,000 cash.
June	30		Oriole notifies Sage Hill that 50% of the merchandise has been sold for $665,000 and remits a cheque for the amount due under the consignment agreement. Sage Hill records the receipt of the cheque from Oriole.

Prepare the journal entries necessary on the books of Sage Hill Corp. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Answer rating: 100% (QA)

Journal entries in the books of Sage Hill Corporation Date Particular Dr Cr June 1 Consignment Accou... View the full answer