PREPARE ENTRIES NECESSARY FOR REN STORES...The following are transactions between Wang Corp., the consignor, and Ren Stores Ltd$.,$ the consignee, for the month of June $2023.$

Wang 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 Ren to $W_{\text{L}\text{i}\text{n}\text{g}}$ and a net payment is made. The agreement stipulates that Ren is to receive a $15\%($of

sales$)$ commission and a $6\%($of sales$)$ rebate to offset its advertising expenses.

June $1$ Wang ships merchandise costing $$455,000$ on consignment to Ren Stores.

June $5$ Wang pays the freight of $$5,000$ for the above shipment of June $1.$

June $30$ Summary entry for the month of June: Ren sells half of the merchandise for $$600,000$ cash.

June $30$ Ren notifies Wang that $50\%$ of the merchandise has been sold for $$600,000$ and remits a cheque for the amount due

under the consignment agreement. Wang records the receipt of the cheque from Ren.