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Title: Advanced Accounting: Consignment Sales summary
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