Chapter 8, Problem 8.11P

To determine

To prepare: The journal entry to record entries related to consignment.

Given Information:

Cost of consignment shipped on February 2, 2017 is $400,000 and retail value is $1,000,000.

On May 15, 2017, 75% consignment sold for cash for $750,000.

On June 1, 2017; Cash net of 15% commission, remitted to P, of $750,000.

On January 3, 2018, remainder consignment sold for $250,000.

On January 5, 2018; Cash net of 15% commission, remitted to P, of $250,000.