Problem 10-13 (AICPA Adapted)On October 1, 2021, Grimm Company consigned 40 freezersto Holden Company costing P14,000 each for sale at P20,000each and paid P16,000 in transportation costs. On December30, 2021, Holden Company reported the sale of 10 freezersand remitted P170,000. The remittance was net of the agreed15% commission.What amount should be recorded as consignment salesrevenue for 2021?a. 154,000b. 170,000c. 196,000d. 200,000

solution concept In a consignment sale , the revenue shall be recorded at the gross amount that is…

Answered: Problem 10-13 (AICPA Adapted) On…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 78BPSB

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