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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
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 offert its advertising expenses. June 1 Cullumber ships merchandise costing 5495.000 on consigment to Oriole Stores. June 5 Cullumber pays the freight of $5,000 for the above shipment of June 1. June 30 Summary entry for the month of June: Oriole sells half of the merchandise for $680.000cash. June 30 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. Prepare the journal entries necessary on the books of Cullumber. (Credit account titles are outomatically 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.)
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