Cullumber Manufacturing Inc. shipped finished goods inventory with a total cost of $59,100 to FFA Retailing Ltd. on May 1. The agreement between the two companies was that FFA was to sell the product on consignment for Cullumber Manufacturing. Cullumber incurred $5,300 in shipping costs in order to ship the merchandise. FFA paid a local newspaper $2,900 for advertising costs (which Cullumber promised to reimburse). At September 30, the end of the accounting year for both companies, FFA had sold 75% of the merchandise for total sales of $63,800. FFA notified Cullumber of the sales, retained a 20% commission, and remitted the cash due to Cullumber. Prepare the journal entries required by the above transactions on the books of Cullumber Manufacturing. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Inventory on Consignment Inventory (To record shipped merchandise.) 2. Inventory on Consignment Cash (To record shipping costs.) 3. Cash 4. Advertising Expense Commission Expense Sales Revenue (To record notification of consignment goods sold and receipt of cash remittance.) (To record year end cost of goods.) 59100 5300 59100 5300 Prepare the journal entries required by the above transactions on the books of FFA Retailing. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation 1. Debit Credit 2. (To record payment of advertising.) 3. (To record year end sales entry.) (To record remittance to consignor.) List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Cash Commission Expense Commission Revenue Compensation Expense Construction Expenses Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Assistance Used