The following are transactions between Wildhorse Corp., the consignor, and Crane Stores Ltd$.,$ the consignee, for the month of June

$2023.$ Wildhorse 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 Crane to Wildhorse and a net payment is made. The agreement stipulates that Crane is to receive a $20\%($of sales$)$ commission and a $7\%($of sales$)$ rebate to offset its advertising expenses.

June

$1$ Wildhorse ships merchandise costing $$494,000$ on consignment to Crane Stores.

June

$5$

Wildhorse pays the freight of $$6,000$ for the above shipment of June $1.$

June $30$

June $30$

Summary entry for the month of June: Crane sells half of the merchandise for $$665,000$ cash.

Crane notifies Wildhorse that $50\%$ of the merchandise has been sold for $$665,000$ and remits a cheque for the amount due under the consignment agreement. Wildhorse records the receipt of the cheque$$from$$Crane$.$The following are transactions between Wildhorse Corp., the consignor, and Crane Stores Ltd$.,$ the consignee, for the month of June

$2023.$ Wildhorse 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 Crane to Wildhorse and a net payment is made. The agreement stipulates that Crane is to receive a $20\%($of sales$)$ commission and a $7\%($of sales$)$ rebate to offset its advertising expenses.

June

$1$ Wildhorse ships merchandise costing $$494,000$ on consignment to Crane Stores.

June

$5$

Wildhorse pays the freight of $$6,000$ for the above shipment of June $1.$

June $30$

June $30$

Summary entry for the month of June: Crane sells half of the merchandise for $$665,000$ cash.

Crane notifies Wildhorse that $50\%$ of the merchandise has been sold for $$665,000$ and remits a cheque for the amount due under the consignment agreement. Wildhorse records the receipt of the cheque$$from$$Crane$.$ Prepare the journal entries necessary on the books of Wildhorse.$($Credit