Blossom Manufacturing Inc. shipped finished goods inventory with a total cost of $56,700 to Wildhorse Retailing Ltd. on May 1. The agreement between the two companies was that Wildhorse was to sell the product on consignment for Blossom Manufacturing. Blossom paid $4,800 in shipping costs in order to ship the merchandise. Wildhorse paid a local newspaper $1,500 for advertising costs (which Blossom promised to reimburse). At September 30, the end of the accounting year for both companies, Wildhorse had sold 75% of the merchandise for total sales of $60,000. Wildhorse notified Blossom of the sales, retained a 20% commission, and remitted the cash due to Blossom. (a) Prepare the journal entries required by the above transactions on the books of Blossom Manufacturing. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.)

Blossom Manufacturing Inc. shipped finished goods inventory with a total cost of $56,700 to Wildhorse Retailing Ltd. on May 1. The agreement between the two companies was that Wildhorse was to sell the product on consignment for Blossom Manufacturing. Blossom paid $4,800 in shipping costs in order to ship the merchandise. Wildhorse paid a local newspaper $1,500 for advertising costs (which Blossom promised to reimburse). At September 30, the end of the accounting year for both companies, Wildhorse had sold 75% of the merchandise for total sales of $60,000. Wildhorse notified Blossom of the sales, retained a 20% commission, and remitted the cash due to Blossom. (a) Prepare the journal entries required by the above transactions on the books of Blossom Manufacturing. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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