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Record all the journal entries required by cardinal corp

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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.

Question 1: Record all the journal entries required by Cardinal Corp to account for this consignment.

Reference no: EM132577909

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