=54. Consignment Ledger Account.= This is a controlling account which receives its debits and credits from the same sources as do the consignment accounts. Except in the case of journal entries, totals only are posted at the end of the month.
=55.= When the commission merchant is also a wholesaler, the purchases and sales are treated on the books exactly as they would be if he was not a commission merchant. The books and accounts required are the same as those of any other wholesale merchant.
=56.= The following transactions include the shipments used in the last model set, but treated from the standpoint of the commission merchant.
—Nov. 3, 1908— Received from John Doe to be sold for his account: 220# chickens 98# ducks Lot No. 1
—4th— Received from John Doe to be sold for his account 95 cs. eggs, 2,850 doz. Lot No. 2.
—4th— Sold for cash 100# chickens (Lot 1) @ .16 $16.00
—4th— Sold to Sweet & Co. on a/c 110# chickens (Lot 1) @ .16 17.60
—4th— Sold for cash 100# ducks (Lot 1) @ .17¼ 17.25
—4th— Rendered Account Sales, with remittance for Lot #1, commission 3%
—5th— Sold for cash 20 cs. eggs., 600 doz., @ .18 (Lot 2) 108.00
—5th— Sold to Gaston & Co., 156 Hammond St. 20 cs. eggs., 600 doz., @ .20 (Lot 2) 120.00
—5th— Sold to Francis & Gates, 948 37th St. 30 cs. eggs, 900 doz., @ .19 (Lot 2) 171.00
—5th— Sold to H. B. Niles, 364 Fuller Ave. 25 cases eggs, 750 doz. @ .19 (Lot 2) 142.50
—5th— Rendered account sales for Lot #2, commission 3%, crediting amount to shippers' account.
—5th— Received from John Doe to be sold for his account 200# Turkeys Lot #3
Commission Merchant's Receiving Book, Journal and Sales Book ]
Commission Merchant's Consignment and Sales Ledgers ]
=57.= During a certain period a commission merchant transacted the following business:
Purchased goods on his own account $3,000.00 Sold goods on commission 5,000.00 Sold his own goods 2,500.00 Commissions earned 150.00 Received cash for goods sold 6,250.00 Paid expenses on consignments 37.50 Rendered account sales with which cash was remitted to cover net proceeds 2,712.50 Rendered account sales on which net proceeds were credited to the account of principals 2,000.00 Paid cash on account of goods purchased 2,200.00 Paid cash for sundry expenses 75.00 Inventory of goods owned at the close of the period 800.00