Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor

Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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