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1) On June 1, Freedom shipped 100 TVs to Universal TV (Universal) on consignment. Freedom buys these TVs from their supplier for $600 each. Universal

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1) On June 1, Freedom shipped 100 TVs to Universal TV (Universal) on consignment. Freedom buys these TVs from their supplier for $600 each. Universal then retails them for $1,000 each, retain $150 and remit $850 to Freedom. On June 15, Universal sold 20 TVs and on June 20 paid the appropriate amount to Freedom. Prepare journal entries for Freedom and Universal for consignment arrangement on June 1, June 15, and June 20. (7 marks)

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