Consignment Sale in 2014, the Following Transaction Occurred Between Seagull

question 416

Essay

Consignment sale In 2014, the following transaction occurred between Seagull Wholesale Corp.(consignor)and Bobolink Stores (consignee): On March 2, 2014 Seagull shipped merchandise costing $52,000 to Bobolink.Seagull paid $4,000 for freight and Bobolink paid $3,000 for advertising (to be reimbursed by Seagull).By the end of the third quarter of 2014 (September 30, 2014), Bobolink advised Seagull that all the merchandise has been sold for $70,000, and forwarded the proceeds (net of a 15% commission and the outlay for advertising)to Seagull. Instructions
a)Prepare all entries for Bobolink to account for this transaction.
b)Prepare all entries for Seagull to account for this transaction.

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Definitions:

Participatory Democracy

A model of democracy in which citizens have the power to decide directly on policy and politicians are responsible for implementing those policy decisions.

Consensus

The general agreement or collective unanimity among members of a group or society.

Hereditary Leadership

A system of governance or organizational leadership where authority is passed down through family lines.

Traditional Authority

Traditional authority is a form of leadership in which power is derived from established customs, cultural heritage, and historical precedence.