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Sandhill Manufacturing Inc. shipped finished goods inventory with a total cost of $55,000 to Tamarisk Retailing Ltd, on May 1. The agreement between the two

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Sandhill Manufacturing Inc. shipped finished goods inventory with a total cost of $55,000 to Tamarisk Retailing Ltd, on May 1. The agreement between the two companies was that Tamarisk was to sell the product on consignment for Sandhill Manufacturing. Sandhill paid \$5,200 in shipping costs in order to ship the merchandise. Tamarisk paid a local newspaper $1,600 for advertising costs (which Sandhill promised to reimburse). At September 30, the end of the accounting year for both companies, Tamarisk had sold 75% of the merchandise for total sales of $61,900. Tamarisk notifed Sandhill of the sales, retained a 20% commission, and remitted the cash due to Sandhill. Prepare the journal entries required by the above transactions on the books of Tamarisk Retailing. (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. List all debit entries before credit entries. Use 'Revenue from Consignment Sales' for the entry.)

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