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  3. flounder corporation shipped $ 18,900 of merchandi

Flounder Corporation shipped $ 18,900 of merchandise on consignment to Gooch Company. Flounder paid freight...

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Accounting

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Flounder Corporation shipped $ 18,900 of merchandise on consignment to Gooch Company. Flounder paid freight costs of $ 2,000. Gooch Company paid $ 480 for local advertising, which is reimbursable from Flounder. By year-end, 59% of the merchandise had been sold for $ 20,400. Gooch notified Flounder, retained a 10% commission, and remitted the cash due to Flounder. Prepare Flounder's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable (To record the cash remitted to Flounder.) (To record the cost of inventory sold on consignment.)

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