5- Chapter 6 Question 7 of 8 < > View Policies 1.71/12 Show Attempt History Current Attempt in Progress Sheridan Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Sheridan ships its finished goods inventory to Splish Retailing Ltd., who sells the product for Sheridan on consignment. During 2023. Sheridan ships $114,000 in merchandise to Splish. At the end of 2023, Splish has sold 65% of the merchandise for $63,500. Splish notifies Sheridan of the sales, retains a 20% commission, and remits the cash due to Sheridan. (a) Your answer is partially correct. Prepare all the necessary journal entries on the books of Sheridan Manufacturing to record the consignment transactions. (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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash Consignment Sales (To record shipped merchandise.) 2. Cash Revenue from Consignment Sales Commission Expense (To record year end sales entry.) 3. Cost of Goods Sold Consignment Sales (To record year end cost of goods.) eTextbook and Media List of Accounts Accounts Payable Accounts Receivable Debit 114000 63500 39900 Credit Assistance Used 11 < 50 12 39 Homework 5- Chapter 6 Question 7 of 8 Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited 1.71/12 Homework 5 - Chapter 6 Question 7 of 8 (b) Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Save for Later 1.71/12 Attempts: 1 of 3 used Submit Answer The parts of this question must be completed in order. This part will be available when you complete the part above