Question 4 of 5 < > View Policies Current Attempt in Progress -/201 The following are transactions between Cullumber Corp., the consignor, and Oriole 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 Oriole to Cullumber and a net payment is made. The agreement stipulates that Oriole is to receive a 15% (of sales) commission and a 8% (of sales) rebate to offset its advertising expenses. June 1 June 5 June 30 June 30 Cullumber ships merchandise costing $495,000 on consignment to Oriole Stores. Cullumber pays the freight of $5,000 for the above shipment of June 1. Summary entry for the month of June: Oriole sells half of the merchandise for $680,000 cash. Oriole notifies Cullumber that 50% of the merchandise has been sold for $680,000 and remits a cheque for the amount due under the consignment agreement. Cullumber records the receipt of the cheque from Oriole. (a) 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.) Date Account Titles and Explanation Debit Credit 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 0 for the amounts Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation (To record summary entry) (To record consignment sales) Ce record cost of goods sold) Debit Credit 217 Question 4 of 5 < > /201 (To record summary entry) (To record consignment sales) (To record cost of goods sold)