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Prepare all entries for Red Flower to account

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Question - In 2014, the following transaction occurred between Red Flower Wholesale Corp. and Smart Inc.: On March 2, 2014, Red Flower shipped merchandise costing $52,000 to Smart. Red Flower paid $4,000 for freight and Smart paid $3,000 for advertising (to be reimbursed by Red Flower). By the end of the third quarter of 2014 (September 30, 2014), Smart advised Red Flower that all the merchandise has been sold for $70,000 and forwarded the proceeds (net of a 15% commission and the outlay for advertising) to Red Flower. Prepare all entries for Red Flower to account for this transaction?

Reference no: EM133013957

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