Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla Vista paid freight costs of $2,000. Wildhorse Company paid $510 for local advertising, which is reimbursable from Carla Vista. By year-end, 58% of the merchandise had been sold for $20,100. Wildhorse notified Carla Vista, retained a 10% commission, and remitted the cash due to Carla Vista. Prepare Carla Vista's journal entry when the cash is received. (Credit account titles are automatically indented when 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.)
Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla Vista paid freight costs of $2,000. Wildhorse Company paid $510 for local advertising, which is reimbursable from Carla Vista. By year-end, 58% of the merchandise had been sold for $20,100. Wildhorse notified Carla Vista, retained a 10% commission, and remitted the cash due to Carla Vista. Prepare Carla Vista's journal entry when the cash is received. (Credit account titles are automatically indented when 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla Vista paid freight costs of
$2,000. Wildhorse Company paid $510 for local advertising, which is reimbursable from Carla Vista. By year-end, 58% of the
merchandise had been sold for $20,100. Wildhorse notified Carla Vista, retained a 10% commission, and remitted the cash due to
Carla Vista.
Prepare Carla Vista's journal entry when the cash is received. (Credit account titles are automatically indented when 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.)
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