Intermediate 2

E Homework: Week One Question 11, P8-12 (simil... HW Score: 26.52%, 2.92 of 11 points Part 1 of 14 Score: 0 of 1 Save Tyke Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Tyke's sales are on consignment. The consignee receives a 20% commission for each product sold. Tyke completed the following consignment-related transactions: i(Click the icon to view the transactions.) Record all journal entries for consignment-related transactions for both the consignor and consignee. Let's begin our journal entries with the consignor (Tyke) entries. February 2, 2017. Ships merchandise on consignment to Riverside Pharmacy. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank.) Account February 2, More Info Date Transaction Amount February 2, 2017 Ships merchandise on consignment to Riverside Pharmacy Cost = $640,000 Retail Value = $1,600,000 May 15, 2017 Riverside Pharmacy sells 60% of the consigned inventory for cash. 960,000 June 1, 2017 Riverside notifies Tyke about the sale and remits the cash collected to Tyke, net of the 20% commission. 960,000 January 3, 2018 Riverside sells the remainder of the consigned merchandise for cash. 640,000 Choose from any list or enter any number in the input fields and then January 5, 2018 Riverside notifies Tyke and remits the cash collected net of the 20% commission. 640,000 Help Me Solve This eText Pages Get More Help 6:03 PM