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Prepare jansen entry when the cash is received

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Reference no: EM132557217

Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen.

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Question 1: Prepare Jansen's entry when the cash is received

Reference no: EM132557217

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