+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
Research on stages of business development and incorporate your findings in a three to four page paper. Include examples of organizations that fit into each stage.
show the impact of these transactions on a set of t-accounts and you must create a trial balance and adjusted trial balance. You will then close out the income statement acc
What amount of the acquired earnings and profits deficit of $30,000 can be used to offset Shipyard's current earnings and profits for 2011?"
During April, manufacturing costs charged to the department were: Materials $92,000; Conversion costs $102,000. The cost assigned to the units in the ending work in process i
Ellen purchased a home in 2011 for $60,000. She paid $12,000 and borrowed $48,000. In 2012 she added a room to the house which cost $10,000. In 2013, she paid $625 to have the
Determine the cost of the finished goods inventory of light-gauge aluminum and prepare an income statement for the current year ended December 31
Explain the major differences between equity and debt financing, and discuss the primary ways in which each would affect the future of the partners' business.
The value of the firm is equal to the discounted value of the firm's free cash flows. Is it possible to forecast distant free cash flows? If not, what is the alternative?