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




Assignment Help
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

 

 

 

 

 

 

 

 

 

 

 

 



Ask Question & Get Answers from Experts
Browse some more (Financial Accounting) Materials
Master Budgeted income statement using Variable Costing and Overhead is applied on the basis of machine hours. The planned level of activity(denominator level) is 320,000 mac
The market rate of interest on this date is 8%, and Stacy Company receives proceeds of $10,803 on the bond issuance. Prepare a five year table to amortize the premium using
Journalize the transactions and post to the accounts Debt Investments and Stock Investments and prepare the adjusting entry at December 31, 2012, to report the investments at
In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What are weighted-average accumulated
The following year, 2011, John settled with the insurance company for $2,000. What are John's deductions for 2010 and 2011 based on the above information if (1) the car was
Provide an example of resources that are temporarily restricted as to (a) purpose, (b) time, and (c) occurence of a specific event. Provide an example of permanently restri
Prepare journal entries to record the transactions. Prepare the current liabilities section of the balance sheet as it would appear at the end of the year.
Discuss the way in which BHP Billiton has demonstrated its social and environmental accountability and consider the above and discuss the stance and initiatives of the Austr