Journal Entry Help for Milestone 1:
Your pulling the inventory out of inventory and putting it into consignment inventory:
Disposal of fixed assets: See examples in book for this weekâ€™s lesson (week 3) and the videos I post on Tuesday. Your hint is other receivables should be a debit of $700 dollars.
Buying the inventory with shipping costs:
Note: Where does the shipping cost go in the example belowâ€¦â€¦
Other comments: Interest Expense and Insurance Expense are not part of your journal entries. They are information that will be used in your management letter.