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Question - Mon Inc. shipped finished goods inventory with a total cost of $73,500 to Smith Co. on May 1. The agreement between the two companies was that Smith Co. was to sell the product on consignment for Mon Inc.. On May 4, Mon pays the freight of $3,900 in order to ship the merchandise. On May 10, Smith Co. paid a local newspaper $3,300 for advertising costs which Mon was to reimburse at the end of the month when notified of any sales. At May 31, both companies year-end date, Smith Co. prepared a summary entry for the month of May. Smith Co. had sold 80% of the merchandise for total sales of $98,000.
Smith Co. notified Mon of the sales, retained a 15% commission, and remitted the cash due to Mon. Prepare the appropriate journal entries for the above transactions in the order they occur on the books of Mon Inc.
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