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record year end cost of goods) ok and Media ccounts

record year end cost of goods) ok and Media ccounts

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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3. eTextbook and Medial List of Accounts (To record year end cost of goods) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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.) No. Account Titles and Explanation 1. No. Account Titles and Explanation 1. Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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.) 2. (To record year end sales entry) (To record remittance to consignor) Debit Touthook and Media Credit Debit Credit
Transcribed Image Text:3. eTextbook and Medial List of Accounts (To record year end cost of goods) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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.) No. Account Titles and Explanation 1. No. Account Titles and Explanation 1. Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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.) 2. (To record year end sales entry) (To record remittance to consignor) Debit Touthook and Media Credit Debit Credit
Sheridan Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Sheridan ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Sheridan on consignment. During 2020, Sheridan ships $114,000 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $63,500. CMR notifies Sheridan of the sales, retains a 20% commission, and remits the cash due to Sheridan. Prepare all the necessary journal entries on the books of Sheridan Manufacturing to record the consignment transactions. (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.) No. Account Titles and Explanation 1. 2. (To record shipped merchandise) (To record year end sales entry) Debit Credit
Transcribed Image Text:Sheridan Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly, Sheridan ships its finished goods inventory to CMR Retailing Ltd., who sells the product for Sheridan on consignment. During 2020, Sheridan ships $114,000 in merchandise to CMR. At the end of 2020, CMR has sold 65% of the merchandise for $63,500. CMR notifies Sheridan of the sales, retains a 20% commission, and remits the cash due to Sheridan. Prepare all the necessary journal entries on the books of Sheridan Manufacturing to record the consignment transactions. (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.) No. Account Titles and Explanation 1. 2. (To record shipped merchandise) (To record year end sales entry) Debit Credit
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