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Problem - On August 2, 2021, Drew's Furniture shipped 50 dining sets on consignment to Bob's Discount Furniture. The cost of each dining set was $350 each. The cost of shipping the dining sets amounted to $3,600 and was paid for by Drew. On December 30, 2021, the consignee reported the sale of 10 dining sets at $850 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $100, and installation and setup costs of $200.
Required - Prepare the journal entry for both the consignor and consignee the notification of sales and expensed and remittance of amount due.
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