Question: On April 2 , 2 0 2 4 , Unique Gifts Inc. shipped merchandise costing $ 4 0 , 0 0 0 to The Gift

On April 2,2024, Unique Gifts Inc. shipped merchandise costing $40,000 to The Gift Warehouse on consignment. Unique Gifts paid $2,000 in shipping costs to deliver the inventory. On June 5,2024, The Gift Warehouse paid $1,000 in advertising on behalf of Unique. On September 30,2024, The Gift Warehouse advised Unique that all of the inventory had been sold for a total of $75,000. On October 15,2024, Unique received payment from The Gift Warehouse for the proceeds, less a 15% commission and the outlay for the advertising. Required: Prepare all the journal entries for Unique Gifts Inc. to account for the transaction from April 2 through October 15.

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