On March 2, 2020 Senators shipped merchandise costing $108,000 to Canadiens. Senators paid
$900 for freight and Canadiens paid $1,000 for advertising (to be reimbursed by Senators).
By the end of the third quarter of 2020 (September 30, 2020), Canadiens advised Senators that
all merchandise has been sold for $165,500 and forwarded the proceeds (net of a 9% commission
and the outlay of advertising) to Senators.
1. Prepare all entries for Senators to account for this transaction.
2. Prepare all entries for Canadiens to account for this transaction.