Wildhorse Corporation shipped $18,400 of merchandise on consignment to Crane Company. Wildhorse paid freight costs of $2,000. Crane Company paid $540 for local advertising, which is reimbursable from Wildhorse. By year-end, 63% of the merchandise had bee sold for $21,200. Crane notified Wildhorse, retained a 9% commission, and remitted the cash due to Wildhorse. Prepare Wildhorse's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credi entries.)

Wildhorse Corporation shipped $18,400 of merchandise on consignment to Crane Company. Wildhorse paid freight costs of $2,000. Crane Company paid $540 for local advertising, which is reimbursable from Wildhorse. By year-end, 63% of the merchandise had bee sold for $21,200. Crane notified Wildhorse, retained a 9% commission, and remitted the cash due to Wildhorse. Prepare Wildhorse's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credi entries.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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