Sheridan Manufacturing Inc. shipped finished goods inventory with a total cost of $52,700 to Splish Retailing Ltd. on May 1 . The agreement between the two companies was that Splish was to sell the product on consignment for Sheridan Manufacturing. Sheridan paid $3,800 in shipping costs in order to ship the merchandise. Splish paid a local newspaper $1,700 for advertising costs (which Sheridan promised to reimburse). At September 30 , the end of the accounting year for both companies, Splish had sold 75% of the merchandise for total sales of $65,900. Splish notified Sheridan of the sales, retained a 20% commission, and remitted the cash due to Sheridan. Prepare the journal entries required by the above transactions on the books of Splish Retailing. (Credit account titles are