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How to account for items consigned to an auctioneer?
Just setting up the chart of accounts for my "auctioneer" girlfriend and would like to know the key accounts for setting up consignments. My thought is that nothing (other than a contractual listing) is done when the items are received. When items are sold, I hesitate to credit sales for the entire amount as it overstates the auctioneer's income. Any help on this would be greatly appreciated!
--CJ |
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