2. Journal entries on the books of the consignor and consignee for year 2019 and 2020.

TRANSACTIONS Consignee’s Book Recorded Separately - 2019

1. Shipment of 100 cigarette lighters Memorandum Entry: Received 100 cigarette lighters from
at a cost of Php96 each.  the Fortune Inc. 
2. Packaging and freight costs paid No entry
by the consignor for a total of 1,600.
3. Freight of Php800 paid by the Consignor Receivable           800
consignee and advertising expense of Advertising Expense             360
360(400x.90)        Cash                                           1,160

No sales in the year of 2019, Be submitted by the consignee

therefore no remittance will
Income &Expense Summary 360
Closing entries        Advertising Expense                 360

Transactions Consignee’s Book Recorded Separately – 2020

4. Sale of 90 sets of books for cash at Cash                                                        21,600

(90x240)21,600.         Consignor Payable                                  21,600

7.Charge of consignee for 20% Consignor Payable             

commission on sales 95,400                                                             
477,000 x 20%         Commission Income                 95,400

8. Remittance for the balance owned Consignor Payable                                       381,600

together with account sales         Consignor Receivable                                       8,000
rendered by consignee           Cash                                                                  373,60
9. Adjusting and Closing entries. Commission Income          95,400 
         Income & Expense Summary 95,400
           
Income & Expense Summary   95,400
         Retained Earnings                         95,400

PARTICULAR Consignor’s Book - 2019

Shipment of 10 tape recorders at a cost of Php600 Inventory on Consignment   6,000
each.          Merchandise Inventory            6,00
Packaging, Freight, and Insurance of Php300 paid Inventory on Consignment       300
by the consignor         Cash                                                 300

Cartage of Php100 paid by the consignee NO ENTRY

Remittance received from the consignee  Cash                                                       7,300

Cash – 7,300 Account Receivable- Consignee        1,200
Consignment Sales Receivable – 1,200 Inventory on Consignment                2,700
Advertising Expense – 360(600x.60)          Consignment Sales                              11,200
To record cost of goods sold and related expense  Cost of Consignment Sales              7,720
         Inventory on Consignment               7,720