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consignment accounting in 2008 rawlings wholesalers transferred goods to a retailer 692099

Consignment Accounting

In 2008, Rawlings Wholesalers transferred goods to a retailer on consignment. The transaction was recorded as a sale by Rawlings. The goods cost $45,000 and normally are sold at a 30% markup. In 2009, $12,000 (cost) of merchandise was sold by the retailer at the normal markup, and the balance of the merchandise was returned to Rawlings. The retailer withheld a 15% commission from payment. Prepare the journal entry in 2009 to correct the books for 2008 (assuming that the books for 2008 are already closed), and prepare the correct entries relative to the consignment sale in 2009.

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