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Prepare all the necessary journal entries

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Question - Pharoah Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Pharoah ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Pharoah on consignment. During 2020, Pharoah ships $103,500 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $64,500. CMR notifies Pharoah of the sales, retains a 20% commission, and remits the cash due to Pharoah.

1) Prepare all the necessary journal entries on the books of Pharoah Manufacturing to record the consignment transactions.

2) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions.

Reference no: EM133057406

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