+1-415-670-9189
info@expertsmind.com
Sales price under the consignment arrangement
Course:- Financial Accounting
Reference No.:- EM1310883




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Financial Accounting

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

 

 

 

 

 

 

 

 

 

 

 

 




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Financial Accounting) Materials
On January 1 2015 Acme company issued 100 ($1000 par) 6 % semi-annual 9 year convertible bonds when the market rate of interest was 8 %. make the journal entry on 1/1/15 when
Bob Krause and his large family corporation have been longtime clients of your accounting firm. During the current year, Bob and his adult son, Tom, formed the BT Partnership
Show entry that would be made at the inception of lease in the governmental activities journal. Show entry that would be made in the debt service fund and governmental activ
In 2013, Chirac Enterprises issued, at par, 75 $1,070, 7% bonds, each convertible into 110 shares of common stock. Chirac had revenues of $20,900 and expenses other than inter
As a result of their divorce, Fred agrees to pay alimony to Tammy of $22,000 per year. The alimony payment ends upon Fred's or Tammy's death or in the event of Tammy's remarri
Compute Welch's gross pay, payroll deductions, and net pay for the full year 2012. Round all amounts to the nearest dollar and compute United's total 2012 payroll expense for
Mitch invests #200,000 in a city of Vacaville bond that pays 6 percent interet. Alternatively, Melinda could have invested the 200,000 in a bond recently issued by sincething
Assume you have 10,000 to invest in the stock market. Identify 3 or 4 financial ratios that you think would help you analyze a company for the purpose of making this investmen