Sheridan Manufacturing inc, is a local manufacturing company. Rather than sell its product directly, Sheridan...
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Sheridan Manufacturing inc, is a local manufacturing company. Rather than sell its product directly, Sheridan ships its finished goods inventory to Sunland Retailing Ltd. who sells the product for Sheridan on consignment. During 2023, Sheridan ship5 $102,500 in merchandise to Sunland. At the end of 2023. Sunland has sold 65% of the merchandise for $64,500. Sunland notifies Sheridan of the sales, retains a. 20% commission, and remits the cash due to Sheridan. (a) Prepare all the necessary journal entries on the books of Sheridan Manufacturing to record the consignment transactions. (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.)
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