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Please I need a solution to this question The following are transactions between Blossom Corp, the consignoc, and Cullumber Stores Ltaf, the consignee, for the
Please I need a solution to this question
The following are transactions between Blossom Corp, the consignoc, and Cullumber Stores Ltaf, the consignee, for the month of June 2023. Biossom uses a perpetual imventory system and has a separate perpetual record for irventory sent out on consignment. At the end of each months sales are reported by Cullumber to Blossom and a net piyment is made. The agreement stipulates that Cullumber is to receive a 15% (of sales) commission and a 8% (of sales) rebate to off set its advertising expenses. June 1 Blossomships merchandise costing $480,000 on consignment to Cullumber 5 tores. Jine 5 Biossom pays the freight of $6,000 for the above shipment of June 1. June 30 Summary entry for the month of June: Cultumber sells half of the merchandise for $625,000cash. June 30 Culfumber notifes Blossom that 50% of the merchandise has been sold for $625,000 and remits a cheque for the amount due under the consignment agreement. Blossom records the receipt of the cheque trom Cullumber. entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journol entries in the order presented in the problam. List all debit entries before credit entries) (To recoed ummary entry) Step by Step Solution
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