Show Attempt History Current Attempt in Progress 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 June 1 Inventory on Consignment June 5 Inventory Inventory on Consignment Cash June 30 v No Entry June 201 No Entry (To record summary entry) Cash Debit 495.000 5.000 523,600 Commission Expense 102,000 Advertising Expeme 54,400 Revenue from Consignment Sales (To record consignment sales) June 20 v Cost of Goods Solt 250,000 Inventory on Consignment (To record cost of goods sold) Credit 495.000 5,000 680.000 250.000 (b) Your answer is partially correct. Prepare the journal entries necessary on the books of Oriole Stores. (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 June 11 No Entry No Entry June 5 v Cash Sales Revenue June 30 v Cash Accounts Payable (To record summary entry) June 30 v Accounts Payable Advertising Expense Cash Revenue from Consignment Sales (To record payment to consignor) Debit 5000 680.000 680,000 0 Credit 500 680.0 54,4 340,0X