PLEASE FILL ALL CELLS. ALL RED CELLS ARE INCORRECT OR EMPTY. Cullumber Corporation shipped $19,100 of merchandise on consignment to Oriole Company. Cullumber paid freight costs of $2,100.Oriole Company paid $460 for local advertising, which is reimbursable from Cullumber. By year-end, 59% of the merchandise hadbeen sold for $19,500. Oriole notified Cullumber, retained a 10% commission, and remitted the cash due to Cullumber.Prepare Cullumber's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Donot 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 creditentries.)Account Titles and ExplanationCashCommission ExpenseAdvertising ExpenseSales Revenue(To record the cash remitted to Cullumber.)Cost of Goods SoldInventory on Consignment(To record the cost of inventory sold on consignment.)Debit170901950460Credit19500

Step 1:The amount of cash received is calculated as follows: Cash received = Sales revenue from…

Answered: Cullumber Corporation shipped $19,100…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Similar questions

Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber paid freight costs of $2,000. Oriole Company paid $450 for local advertising, which is reimbursable from Cullumber. By year-end, 59% of the merchandise had been sold for $19,900. Oriole notified Cullumber, retained a 9% commission, and remitted the cash due to Cullumber.Prepare Cullumber’s journal entry when the cash is received.
Blossom Corporation shipped $21,900 of merchandise on consignment to Cullumber Company. Blossom paid freight costs of $2,100. Cullumber Company paid $550 for local advertising, which is reimbursable from Blossom. By year-end, 65% of the merchandise had been sold for $21,900. Cullumber notified Blossom, retained a 10% commission, and remitted the cash due to Blossom. Prepare Blossom'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.) Account Titles and Explanation (To record the cash remitted to Blossom.) (To record the cost of inventory sold on consignment.) Debit 11 Credit 1
Gadubhai
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.)
Indigo Corporation shipped $25,000 of merchandise on consignment to Sandhill Company. Indigo paid freight costs of $1,900. Sandhill Company paid $400 for local advertising, which is reimbursable from Indigo. By year end, 60% of the merchandise had been sold for $20,500. Sandhill notified Indigo, retained a 10% commission, and remitted the cash due to Indigo. Prepare Indigo’s journal entry when cash is received. (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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a debit amount enter a credit amount enter an account title to record revenue enter a…
Vaughn Corporation shipped $18,400 of merchandise on consignment to Gooch Company. Vaughn paid freight costs of $2,000. Gooch Company paid $540 for local advertising, which is reimbursable from Vaughn. By year-end, 63% of the merchandise had been sold for $21,200. Gooch notified Vaughn, retained a 9% commission, and remitted the cash due to Vaughn. Prepare Vaughn's journal entry when the cash is received. (Round answers to O decimal places, e.g. 1,525. 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.) Account Titles and Explanation Debit Credit Cash Commission Expense Advertising Expense (To record the cash remitted to Vaughn.) (To record the cost of inventory sold on consignment.) 18752 1908 540 21200
Monty Corporation shipped $20,600 of merchandise on consignment to Gooch Company. Monty paid freight costs of $1,800. Gooch Company paid $550 for local advertising, which is reimbursable from Monty. By year-end, 63% of the merchandise had been sold for $21,500. Gooch notified Monty, retained a 10% commission, and remitted the cash due to Monty.Prepare Monty’s journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. 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 0 for the amounts.)
Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000; Gooch Company paid $350 for local advertising, which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,300. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen. Required: Prepare Jansen’s entry when the cash is received.
Flint Corporation shipped $20,400 of merchandise on consignment to Gooch Company. Flint paid freight costs of $2,000. Gooch Company paid $480 for local advertising, which is reimbursable from Flint. By year-end, 62% of the merchandise had been sold for $21,500. Gooch notified Flint, retained a 10% commission, and remitted the cash due to Flint. Prepare Flint's journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. 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 0 for the amounts.) Account Titles and Explanation (To record the cash remitted to Flint.) (To record the cost of inventory sold on consignment.) Debit Ill Credit
Martinez Corporation shipped $21,900 of merchandise on consignment to Gooch Company. Martinez paid freight costs of $2,100. Gooch Company paid $550 for local advertising, which is reimbursable from Martinez. By year-end, 65% of the merchandise had been sold for $21,900. Gooch notified Martinez, retained a 10% commission, and remitted the cash due to Martinez.Prepare Martinez’s journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. 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 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the cash remitted to Martinez.) (To record the cost of inventory sold on consignment.)
Dinesh Bhai

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