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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The Answer of 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.

Consignment Sale in 2014, the Following Transaction Occurred Between Seagull