1) In 2020, the following transaction occurred between Terrace Wholesale Corp. (consignor) and Denver Stores (consignee):

On March 2, 2020 Terrace shipped merchandise costing $ 52,000 to Denvers. Terrace paid $ 4,000 for freight and Denver paid $ 3,000 for advertising (to be reimbursed by Terrace). By the end of the third quarter of 2020 (September 30, 2020), Denvers advised Terrace 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 Terrace.

Journal entries required by Carters

Receivable from Consignor........................................................................ Blank #1

Cash..................................................................................................................... Blank #2

To set up receivable for advertising

Cash......................................................................................................... Blank # 3

Payable to Consignor............................................................................................ Blank #4

To record sale

Payable to Consignor................................................................................ Blank # 5

Receivable from Consignor................................................................................... Blank #6

Commission Revenue............................................................................................ Blank #7

Cash..................................................................................................................... Blank #8

To record Remittance to consignor

Journal entries required by Scholars

Inventory on Consignment........................................................................ Blank #9

Merchandise Inventory.......................................................................................... Blank #10

To record Shipment of consigned merchandise

Inventory on Consignment........................................................................ Blank #11

Cash..................................................................................................................... Blank #12

To record Payment of freight costs

Cash......................................................................................................... Blank #13

Advertising Expense.................................................................................. Blank #14

Commission Expense................................................................................ Blank #15

Revenue from Consignment Sales...................................................... Blank #16

To record Remittance from consignee

Cost of Goods Sold ................................................................................... Blank #17

Inventory on Consignment.................................................................................... Blank #18

To record Cost of sales for consignment sales

Please fill in blanks #1 to #18 and show your work on how you got there. Thanks!