Sales price under the consignment arrangement

Assignment Help Financial Accounting

Reference no: EM1310883

Journal entries for received deposit from T-Bone Enterprises.

1.(3/12/2009) Consigned $123,000 of Merchandise Inventory to Perkins Consolidated. Goochland retains title to the goods, and will record sales only if informed of such by Perkins Consolidated, who will keep 15% of the sales price under the consignment arrangement.

Date	Account Titles	Debit	Credit

2.(3/14/2009) Received a $10,000 deposit from T-Bone Enterprises for 2,000 units of product. T-Bone has 20 days to purchase the goods for the fair market value of the goods on the date of purchase; otherwise, the deposit will be refunded to T-Bone.

Date	Account Titles	Debit	Credit

Reference no: EM1310883

Questions Cloud

Political candidate is totally right : Rene believes that anybody which tells that they voted for "her" political candidate is totally right, honest, and righteous

Journal entries for legal expenses : Journal entries for legal expenses incurred in contesting the insurance settlement

Compute the market value : Compute the market value and What is the maximum amount that can be loaned on a property whose net operating income

Financially lucrative job offers : Galen decided to join Peace Corps after the college and turned down three financially lucrative job offers in the process.

Sales price under the consignment arrangement : Goochland retains title to the goods, and will record sales only if informed of such by Perkins Consolidated, who will keep 15% of the sales price under the consignment arrangement.

Determine the accounting principles-foreign and domestic : Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.

Result of your choices or decisions : Think of a situation where the outcome was a result of your choices or decisions but did not turn out as you expected.

Journal entries for sold merchandise inventory on account : Journal entries for Sold Merchandise Inventory on account - Shipping charges of $1, 020 were paid by the purchaser.

Year end accounts receivable : An auditor noted that client sales increased 10 percent for the year. At the same time, Cost of Goods Sold as a percentage of sales had decreased from 45 percent to 40 percent and year-end accounts receivable.

User Account

All Pages