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Prepare all entries for giants to account for transaction

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Question - In 2020, the following transaction occurred between Giants Wholesale Corp. (consignor) and Packers Stores (consignee):

On March 2, 2020 Giants shipped merchandise costing $ 78,000 to Packers. Giants paid $ 6,000 for freight and Packers paid $ 4,500 for advertising (to be reimbursed by Giants). By the end of the third quarter of 2020 (September 30, 2020), Packers advised Giants that all the merchandise has been sold for $ 105,000 and forwarded the proceeds (net of a 12% commission and the outlay for advertising) to Giants.

Required -

a) Prepare all entries for Giants to account for this transaction.

b) Prepare all entries for Packers to account for this transaction.

Reference no: EM132727481

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