On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid P800 in transportation costs. On December 30, 20x1, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should Grimm recognize as sales revenue for 20x1? 7,700 8,500 9,800 10,000

On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid P800 in transportation costs. On December 30, 20x1, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should Grimm recognize as sales revenue for 20x1? 7,700 8,500 9,800 10,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 7DQ

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