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The ABC Publishing Company ships 4-volume sets of Medical Encyclopedia to book dealers on consignment. The sets are to be sold at an advertised price of Br 99.00. The estimated cost per set is Br 50. Consignees are allowed a commission of 30% of the sales price and are to be reimbursed for freight relating to consigned goods. On December 8, 100 sets were sent to the Mega Book Store on consignment. The consignor estimated that packing charges of Br 170 were related to the books shipped. The shipment cost paid by the consignor was Br 400. The consignee paid br60 for freight on sets received. Sixty sets were sold in December for cash. Remittance of the amount owed to the consignor was made on December 31. Both consignee and consignor take physical inventories and adjust and close their books at year-end.
Instructions
Question 1: Prepare the journal entries for December on the books of the consignor, assuming that;
A. Gross profits on consignment sales are determined separately, and
B. Gross profits on consignment sales are not determined separately.
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