Nelba Manufacturing Co. ships merchandise
Nelba Manufacturing Co. ships merchandise costing $36,000 on consignment to Best Value Stores. Nelba pays $3,750 of freight costs, and Best Value pays $2,250 for local advertising costs that are reimbursable from Nelba. By the end of the period, Best Value has sold two-thirds of the consigned merchandise for $40,000 cash. Best Value notifies Nelba of the sales, retains a 10% commission, and remits the cash due to Nelba.
Question: What are the journal entries that the consignor (Nelba) and the consignee (Best Value) make to record this transaction?
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1.
Calculate the inventory value of the units unsold in the hands of
the
consignee.
2.
Calculate the profit to the consignor for the units sold.
3.
Prepare all journal entries required for the consignment
arrangement on
the books of Illuminators Inc.
4.
Prepare all journal entries required for the consignment
arrangement on
the books of Waytair Decor Ltd.
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supply dealer in Nebraska, on consignment. By June 30, 2017, Pina
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10% commission, and remits the cash due Ayayai. Prepare the journal
entries for Ayayai and Pina Depot for the consignment arrangement.
(Credit account titles are automatically indented when
the amount is...
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the consignor, and Sunland Stores Ltd., the consignee, for the
month of June 2020. Splish Brothers 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
Sunland to Splish Brothers and a net payment is made. The agreement
stipulates that Sunland is to receive a 20% (of sales) commission
and a 8% (of sales) rebate...
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farm supply dealer in Nebraska, on consignment. By June 30, 2017,
Waterway Depot has sold 60 of the consigned augers at the listed
price of $1,300 per unit. Waterway Depot notifies Oriole of the
sales, retains a 10% commission, and remits the cash due Oriole.
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consignment arrangement. (Credit account titles are
automatically indented when the amount is...
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1.
Calculate the inventory value of the units unsold in the hands of
the
consignee.
2.
Calculate the profit to the consignor for the units sold.
3.
Prepare all journal entries required for the consignment
arrangement on
the books of Illuminators Inc.
4.
Prepare all journal entries required for the consignment
arrangement on
the books of Waytair Decor Ltd.
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