Pharoah Manufacturing Inc. shipped finished goods inventory with a total cost of $48,600 to Blossom...
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Pharoah Manufacturing Inc. shipped finished goods inventory with a total cost of $48,600 to Blossom Retailing Ltd. on May 1. The agreement between the two companies was that Blossom was to sell the product on consignment for Pharoah Manufacturing. Pharoah paid $4,200 in shipping costs in order to ship the merchandise. Blossom paid a local newspaper $1,500 for advertising costs (which Pharoah promised to reimburse). At September 30 , the end of the accounting year for both companies, Blossom had sold 75% of the merchandise for total sales of $69,900. Blossom notified Pharoah of the sales, retained a 20% commission, and remitted the cash due to Pharoah. (a) Your answer is correct. Prepare the journal entries required by the above transactions on the books of Pharoah Manufacturing. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.) Question 1 of 10 8.75/10 Attempts: 3 of 3 used (b) - Your answer is partially correct. Prepare the journal entries required by the above transactions on the books of Blossom Retailing. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.)
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Pharoah Manufacturing Inc. shipped finished goods inventory with a total cost of $48,600 to Blossom Retailing Ltd. on May 1. The agreement between the two companies was that Blossom was to sell the product on consignment for Pharoah Manufacturing. Pharoah paid $4,200 in shipping costs in order to ship the merchandise. Blossom paid a local newspaper $1,500 for advertising costs (which Pharoah promised to reimburse). At September 30 , the end of the accounting year for both companies, Blossom had sold 75% of the merchandise for total sales of $69,900. Blossom notified Pharoah of the sales, retained a 20% commission, and remitted the cash due to Pharoah. (a) Your answer is correct. Prepare the journal entries required by the above transactions on the books of Pharoah Manufacturing. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.) Question 1 of 10 8.75/10 Attempts: 3 of 3 used (b) - Your answer is partially correct. Prepare the journal entries required by the above transactions on the books of Blossom Retailing. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.) 