On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid P800 in transportation costs. On December 30, 20x1, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should Grimm recognize as sales revenue for 20x1? 7,700 8,500 9,800 10,000

On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid P800 in transportation costs. On December 30, 20x1, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should Grimm recognize as sales revenue for 20x1? 7,700 8,500 9,800 10,000

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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