Question: Hi there, I need help with this question asap please. Also please make sure answers are labeled clearly and the answers are correct thanks Cullumber
Hi there, I need help with this question asap please. Also please make sure answers are labeled clearly and the answers are correct thanks


Cullumber Manufacturing Inc. is a local manufacturing company. Rather than sell its product directly. Cullumber ships its finished goods inventory to CMR Retailing Ltd.. who sells the product for Cullumber on consignment. During 2020, Cullumber ships $107,000 in merchandise to CMR. At the end of 2020,CMR has sold 65% of the merchandise for $76,000. CMR notifies Cullumber of the sales. retains a 20% commission, and remits the cash due to Cullumber. Prepare all the necessary journal entries on the books of Cullumber Manufacturing to record the consignment transactions. (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.) Entry" for the account titles and enter o for the amounts.) Prepare the journal entries on the books of CMR Retailing to record the consignment transactions. (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 O for the amounts.)
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