Prepare all entries for sharma to account for this

Assignment Help Financial Accounting

Reference no: EM133435016

Question: In 2023, the following transaction occurred between Vincent Wholesale Corp. (consignor) and Sharma Stores (consignee):

On March 2, 2023 Vincent shipped merchandise costing $26,000 to Sharma. Vincent paid $2,000 for freight and Sharma paid $1,500 for advertising (to be reimbursed by Vincent). By the end of the third quarter of 2023 (September 30, 2023), Sharma advised Vincent that all the merchandise has been sold for $35,000 and forwarded the proceeds (net of a 15% commission and the outlay for advertising) to Vincent.

Instructions

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

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

Reference no: EM133435016

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