Brief Exercise 18-3
Travel Inc. sells tickets for a Caribbean cruise to CarmelCompany employees. The total cruise package costs Carmel $75,400from ShipAway cruise liner. Travel Inc. receives a commission of 7%of the total price. Travel Inc. therefore remits $70,122 toShipAway.
Prepare the entry to record the revenue recognized by Travel Inc.on this transaction. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually.)
Account Titles and Explanation
Debit
Credit
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