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Prepare the journal entry to record the receipt of payment

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Question - Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Crane Company employees. The total cruise package price to Crane Company employees is $83,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $78,020 to ShipAway.

Prepare the journal entry to record (1) the receipt of payment of $83,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction.

Reference no: EM132949900

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