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On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to  KALIDAD Appliance Center. Each Stereo system costs P10,000  and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales. Required: 1. Prepare the journal entries in the books of hte consignee 2. Prepare the account sales

On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to  KALIDAD Appliance Center. Each Stereo system costs P10,000  and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales. Required: 1. Prepare the journal entries in the books of hte consignee 2. Prepare the account sales

FINANCIAL ACCOUNTING
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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On May 2, 2019 PIONEER, PHILS INC. Ships ten (10) Compact Disc Stereo to  KALIDAD Appliance Center. Each Stereo system costs P10,000  and is to be sold at an advertised price of P14,000. PIONEER Paid freight in the amount of P1,200 while KALIDAD incurred a cartage of P500, which is reimbursable. The consignee is entitled to a commission of 20% of the authorized selling price. The Consignee sold all the units and remitted the balance due to the consignor along with the account sales.

Required:

1. Prepare the journal entries in the books of hte consignee

2. Prepare the account sales 

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