PREPARE ENTRIES NECESSARY FOR REN STORES...The following are transactions between Wang Corp., the consignor, and...
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PREPARE ENTRIES NECESSARY FOR REN STORES...The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd the consignee, for the month of June Wang uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Ren to and a net payment is made. The agreement stipulates that Ren is to receive a of sales commission and a of sales rebate to offset its advertising expenses. June Wang ships merchandise costing $ on consignment to Ren Stores. June Wang pays the freight of $ for the above shipment of June June Summary entry for the month of June: Ren sells half of the merchandise for $ cash. June Ren notifies Wang that of the merchandise has been sold for $ and remits a cheque for the amount due under the consignment agreement. Wang records the receipt of the cheque from Ren. 
PREPARE ENTRIES NECESSARY FOR REN STORES...The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd the consignee, for the month of June
Wang uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of
each month, sales are reported by Ren to and a net payment is made. The agreement stipulates that Ren is to receive a of
sales commission and a of sales rebate to offset its advertising expenses.
June Wang ships merchandise costing $ on consignment to Ren Stores.
June Wang pays the freight of $ for the above shipment of June
June Summary entry for the month of June: Ren sells half of the merchandise for $ cash.
June Ren notifies Wang that of the merchandise has been sold for $ and remits a cheque for the amount due
under the consignment agreement. Wang records the receipt of the cheque from Ren.
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