Solution-Prepare jansens entry when the cash is received

Prepare jansens entry when the cash is received

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Reference no: EM131119367

1. 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. Prepare Jansen's entry when the cash is received.

Reference no: EM131119367

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Prepare jansens entry when the cash is received

Reference no: EM131119367

Reference no: EM131119367

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