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Company S shipped goods costing $12,000 to Company T on consignment. The sales agreement states that Company T has 90

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Company S shipped goods costing $12,000 to Company T on consignment. The sales agreement states that Company T has 90 days to either sell the goods and pay Company S $18,000 for them or to return the goods to Company S. Make the journal entries necessary on the books of Company S to record
(1) The original shipment of the goods to Company T and
(2) The expiration of the 90-day period without the goods being returned by Company T. Company S uses a perpetual inventory system.

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Related Book For  answer-question
Intermediate Accounting

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Question Details
Chapter # 8
Section: Practice Exercises
Problem: 2
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Question Posted: January 28, 2012 06:09:13
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