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Title: Advanced Accounting: Consignment Sales summary
Description: Summary for Consignment Sales
Description: Summary for Consignment Sales
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Consignment Sales
Costs:
1
...
Freight (Consignor to Consignee) = CGS
3
...
Revenue is recognized when:
1
...
The item was acknowledged by the customer; or
3
...
Journal Entries:
1
...
For items for possible return
Cash/AR
Liab for possible return
xx
Asset for possible return
Inventory
xx
xx
xx
3
...
Date of actual return, but before expiration of return period
Liab for possible return
Cash/AR
xx
Cash/AR
Asset for possible return
xx
xx
xx
5
Title: Advanced Accounting: Consignment Sales summary
Description: Summary for Consignment Sales
Description: Summary for Consignment Sales