Prepare red fishs journal entry when cash is received

Assignment Help Accounting Basics
Reference no: EM132545524

Question - Red Fish Corporation shipped $20,000 of merchandise on consignment to Blue Fish Corporation. Red Fish paid freight costs of $2,000. Blue Fish paid $500 for local advertising, which is reimbursable from Red Fish. By year end, 60% of the merchandise had been sold for $21,500. Blue Fish notified Red Fish, retained a 10% commission, and remitted the cash due to Red Fish.

Required - Prepare Red Fish's journal entry when cash is received.

Reference no: EM132545524

Questions Cloud

Briefly explain the impacts if any of business risk : Briefly explain the impacts, if any, of business risk and financial risk of all-equity and leveraged firms on respective weighted average costs of capital.
Calculate the sale price : Calculate the sale price that should be allocated to each component of the bundle using the adjusted market assessment approach
How has a current yeild of : 17.11 percent coupon rate, currently selling for $1,089, has a current yeild of. Round the answer to two decimal places in percentage form.
Explain and discuss factors that lead to your conclusion : Fergus argues that he is Felicia's partner. Were Felicia and Fergus partners? Explain and discuss the factors that lead to your conclusion
Prepare red fishs journal entry when cash is received : Red Fish Corporation shipped $20,000 of merchandise on consignment to Blue Fish Corporation. Prepare Red Fishs journal entry when cash is received
Amazons operations : What aspects of Amazon's operations management are based on the increased globalisation of world trade?
What is the artificial intelligence data mining : What is the artificial intelligence Data Mining platform that automatically analyzes the DoDs Government wide Commercial Purchase Card data to identify
Prepare accrual-based income statement : Prepare accrual-based Income Statement and Statement of Financial Position (Balance Sheet) for the month ending October 2019.
Individual responsible for ensuring the existence : Who is the individual responsible for ensuring the existence, accuracy, and legality of information on a managing account billing statement?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd