Pablo Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Pablo's sales are on consignment. The consignee receives a 15% commission for each product sold. Pablo completed the following consignment-related transactions:

Record all journal entries for consignment-related transactions for both the consignor and consignee.

Transcribed Image Text:

Transaction Date Amount Febiuary 2, 2020 Ships merchand se on consignment to Left Ard Pharmacy Cost = $400.000 Retail Value = $1,000,000 $ 750,000 Left Ad Pharmacy sells 75% of the consigned inventoi y for cash. May 15 2020 $ 750,000 June 1, 2020 Left A d notifies Pablo about the sale and rem ts the cash collected to Pab o, net of the 15% commission, $ 250,000 Left Ad sells the remainder of the consigned merchand se for cash. January 3. 2021 Ja uary 5. 2021 $ 250,000 Lef: Ad notifies Pablo and remits the cash collected net of the 15% commission.