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  • A. 500 Sweaters X 1,000 Price of Sweaters 500,000 500000 Alt Payable For Consigned Goods 0.1 50000 Commission B. Journal Entry 450,000 Commission 50,000 Accounts Payable 500,000

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    Earl Bandala
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    The document shows that 500 sweaters were consigned at $1,000 each, totaling $500,000 in goods. A 10% commission of $50,000 was earned on the consigned goods. The journal entry debits Commission Expense for $50,000 and Accounts Payable for $500,000 with a credit to Cash for $450,000 for the payment of consigned goods less the commission earned.

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    The document shows that 500 sweaters were consigned at $1,000 each, totaling $500,000 in goods. A 10% commission of $50,000 was earned on the consigned goods. The journal entry debits Commission Expense for $50,000 and Accounts Payable for $500,000 with a credit to Cash for $450,000 for the payment of consigned goods less the commission earned.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views1 page

    A. 500 Sweaters X 1,000 Price of Sweaters 500,000 500000 Alt Payable For Consigned Goods 0.1 50000 Commission B. Journal Entry 450,000 Commission 50,000 Accounts Payable 500,000

    Uploaded by

    Earl Bandala
    The document shows that 500 sweaters were consigned at $1,000 each, totaling $500,000 in goods. A 10% commission of $50,000 was earned on the consigned goods. The journal entry debits Commission Expense for $50,000 and Accounts Payable for $500,000 with a credit to Cash for $450,000 for the payment of consigned goods less the commission earned.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    a.

    500 sweaters
    x 1,000 price of sweaters 500,000
    500000 Alt payable for consigned goods 0.1
    50000 commission
    b. Journal Entry
    450,000
    Commission 50,000
    Accounts Payable 500,000

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