Cullumber Manufacturing Inc. shipped finished goods inventory with a total cost of $57,600 to Bonita Retailing Ltd. on May 1. The agreement between the two companies was that Bonita was to sell the product on consignment for Cullumber Manufacturing.

Cullumber paid $3,200 in shipping costs in order to ship the merchandise. Bonita paid a local newspaper $2,800 for advertising costs (which Cullumber promised to reimburse). At September 30, the end of the accounting year for both companies, Bonita had sold 75% of the merchandise for total sales of $63,900. Bonita notified Cullumber of the sales, retained a 20% commission, and remitted the cash due to Cullumber.

NEED TO FIND CASH ENTRY AMOUNT

Cullumber Manufacturing Inc. shipped finished goods inventory with a total cost of $57,600 to Bonita Retailing Ltd. on May 1 . The agreement between the two companies was that Bonita was to sell the product on consignment for Cullumber Manufacturing. Cullumber paid $3,200 in shipping costs in order to ship the merchandise. Bonita paid a local newspaper $2,800 for advertising costs (which Cullumber promised to reimburse). At September 30, the end of the accounting year for both companies, Bonita had sold 75% of the merchandise for total sales of $63,900. Bonita 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 0 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 0 for the amounts. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.)