The following are transactions between Sunland Corp. the consignor, and Santhill Stores Ltd, the consignee, for the month of June 2023. Sunland uses a perpetual imventory system and has a separate perpetual record for inventory sent out on consignment. At the end of each month, sales are reported by Sandhill to Sunland and a met payment is made. The agreement stipulates that 5 andhill is to receive a 15% (of sales) commission and a 6% (of sales) rebate to offset its advertising expenses. June 1 Sunland ships merchandise costing $468,000 on consignment to 5 andhill Stores. June 5 Suniand pays the freight of $5.000 for the above shipment of lune 1 . June 30 Summary entry for the month of June: Sandhill sells half of the merchandise for $675.000 cash. hine: 30 Sandhil notifies Sunland that 50% of the merchandise has been sold for $675.000 and remits a cheque for the amount due under the consignment agreement. Sunland records the receipt of the cheque from Sandhill. Prepare the journal entries necessary on the books of Sunland. (Credit occount titles are eutomatically indented when the omount is entered. Do not indent manually if no entry is roquired, select "No Entry" for the account fitles end enter O for the amounts. Record joumal entries in the order presented in the problem. (ist all debit entries befare credit entries) Question 4 of 512.5/201 (To record summary entry) Jane 30% Cish Commission Expense Advertising Expense Revenue trom Consignment Sales: (To record consignment sales) Cost of Goods sold 236500 Inventory on Comiznment (To record cost of goods sold) eTextbook and Media Prepare the journal entries necessary on the books of Sandhall Stores. (Credit account tities 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) Question 4 of 5 12.5/20 June 30 Cost of Goods Sold 234000 Inventory on Consignenent (To record summary entry) June 30 Adtuertising Expense Commission Expense 101250 Revenue from Consignment Sales: (To record payment to consignor) eTextbook and Media List of Accounts Savefor Later Last siwed 1 second ago. Attempts: 1 of 5 used subitit Amover