Consignment Sales On July 2, Cardinal Corp. Ships Merchandise Costing $ 460,000

Essay

Consignment sales
On July 2, Cardinal Corp. ships merchandise costing $ 460,000 on consignment to Dolphin Stores. Cardinal pays the freight of $ 10,000. Upon sale, Dolphin Stores will receive a 12% commission and a 6% allowance to offset its advertising expenses. At the end of the month, Dolphin notifies Cardinal that 50% of the merchandise has been sold for $ 560,000.
Instructions
Record the journal entries required by the two companies to account for this consignment.