Refer to the income statement for Carnival Corporation shown in the chapter opener. Using the account titles
Question:
Refer to the income statement for Carnival Corporation shown in the chapter opener. Using the account titles reported there, prepare the journal entry for each of the following hypothetical transactions. Assume that all transactions include either a debit or a credit to Cash.
1. Fuel is purchased for $10,000.
2. A passenger purchases a ticket for $2,000.
3. Salaries and wages of $4,000 are paid.
4. A passenger pays $50 for pictures in the photo gallery.
5. A travel agent is paid $700 in commissions.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For 
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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