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Prepare the entry to record the revenue recognized by

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Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $50,300 from ShipAway cruise liner. Travel Inc. receives a commission of 8% of the total price. Travel Inc. therefore remits $46,276 to ShipAway.

Prepare the entry to record the revenue recognized by Travel Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $50,300 from ShipAway cruise liner. Travel Inc. receives a commission of 8% of the total price. Travel Inc. therefore remits $46,276 to ShipAway.

Prepare the entry to record the revenue recognized by Travel Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

Reference no: EM13586219

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