Question
In: Accounting
On March 2, 2020 Senators shipped merchandise costing $108,000 to Canadiens. Senators paid $900 for freight...
| On March 2, 2020 Senators shipped merchandise costing $108,000 to Canadiens. Senators paid | ||||
| $900 for freight and Canadiens paid $1,000 for advertising (to be reimbursed by Senators). | ||||
| By the end of the third quarter of 2020 (September 30, 2020), Canadiens advised Senators that | ||||
| all merchandise has been sold for $165,500 and forwarded the proceeds (net of a 9% commission | ||||
| and the outlay of advertising) to Senators. | ||||
| 1. Prepare all entries for Senators to account for this transaction. | ||||
| 2. Prepare all entries for Canadiens to account for this transaction. | ||||
Solutions
Expert Solution
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ekkarill92 answered 3 years agoRelated Solutions
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