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Homework answers / question archive / Art Attack Ltd
Art Attack Ltd. ships merchandise on consignment to The Print Haus, a retailer of fine art prints. The cost of the merchandise is $58,000, and Art Attack pays the freight cost of $2,200 to ship the goods to the retailer. At the end of the accounting period, The Print Haus notifies Art Attack Ltd. that 80% of the merchandise has been sold for $79,000. The Print Haus retains a 10% commission as well as $3,400, which represent advertising costs it paid, and remits the balance owing to Art Attack Ltd.
Required: Complete the journal entries required by each company for the above transactions.
