On July 2, Freeman corp. shipped merchandise costing $360,000 on consignment to Valley Stores. Freeman corp paid freight costs of $10,000. Upon sale, Valley will receive a 12% commission. At the end of the month, Valley notifies that 50% of the merchandise has been sold for $560,000, and send Freeman corp the money through electronic transfer.

Prepare Journal entries for Freeman Corp for consignment in the month of July.