Jansen Corporation shipped $20,000.00 of merchandise on consignment to Gooch Company. Jansen paid freight costs of...
| Jansen Corporation shipped $20,000.00 of merchandise on consignment to Gooch Company. Jansen paid freight | |||||||||||
| costs of $2,000.00. By year-end, 60.00% of the merchandise had been sold for $21,500.00. Gooch notified Jansen, | |||||||||||
| retained a 10.00% commission, and remitted the cash due to Jansen. | |||||||||||
| What will be Jansen's general journal entry when the cash is received? | |||||||||||
| (check figure: Cash account = $19,350.00 debit) | |||||||||||
Homework Answers
By year-end, Gooch Company sold 60.00% of the merchandise for $21,500
Commission to Gooch Company = 10%
= 21,500 x 10%
= $2,150
Cash received from Gooch Company = 21,500 - 2,150
= $19,350
Journal
| Cash | 19,350 | ||
| Gooch Company | 19,350 |
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Jansen Corporation shipped $20,000.00 of merchandise on consignment
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