June 1 Cullumber ships merchandise costing $481,000 on consignment to Crane Stores. June 5 Cullumber pays the freight of $5,500 for the above shipment of June 1. June 30 Summary entry for the month of June: Crane sells half of the merchandise for $690,000 cash. June 30 Crane notifies Cullumber that 50% of the merchandise has been sold for $690,000 and remits a cheque for the amount due under the consignment agreement. Cullumber records the receipt of the cheque from Crane. Prepare the journal entries necessary on the books of Crane Stores. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) \begin{tabular}{ll||l} June 5 & & Accounts Receivable \end{tabular} \begin{tabular}{||r} \hline \hline \\ \hline \hline \end{tabular} June 30 Cash Accounts Payable (To record summary entry) June 30 Re Commission Revenue Cash (To record payment to consignor) The following are transactions between Cullumber Corp., the consignor, and Crane Stores Ltd., the consignee, for the month of June 2023. Cullumber uses a perpetual inventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Crane to Cullumber and a net payment is made. The agreement stipulates that Crane is to receive a 20% (of sales) commission and a 8% (of sales) rebate to offset its advertising expenses. June 1 Cullumber ships merchandise costing $481,000 on consignment to Crane Stores. June 5 Cullumber pays the freight of $5,500 for the above shipment of June 1. June 30 Summary entry for the month of June: Crane sells half of the merchandise for $690,000 cash. June 30 Crane notifies Cullumber that 50% of the merchandise has been sold for $690,000 and remits a cheque for the amount due under the consignment agreement. Cullumber records the receipt of the cheque from Crane. (a) Your answer is correct. Prepare the journal entries necessary on the books of Cullumber. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation June 1 \begin{tabular}{l} Inventory on Consignment \\ Inventory \\ \hline \end{tabular} Debit Credit 481000 \begin{tabular}{|l|l|} \hline Inventory on Consignment & 5500 \\ \hline Cash & \\ \hline \end{tabular} 481000 June 5 No Entry No Entry (To record summary entry) Advertising Expense Commission Expense Revenue from Consignment Sales (To record consignment sales) Cost of Goods Sold 243250 Inventory on Consignment (To record cost of goods sold) journal entries in the order presented in the problem. List all debit entries before credit entries.)