Buffalo Corporation shipped $21,200 of merchandise on consignment to Gooch Company. Buffalo paid freight costs of $1,900. Gooch Company paid $520 for local advertising, which is reimbursable from Buffalo. By year-end, 61% of the merchandise had been sold for $21,400. Gooch notified Buffalo, retained a 10% commission, and remitted the cash due to Buffalo.
Prepare Buffalo entry when the cash is received.
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Home » Business » Buffalo Corporation shipped $21,200 of merchandise on consignment to Gooch Company. Buffalo paid freight costs of $1,900. Gooch Company paid $520 for local advertising, which is reimbursable from Buffalo.