Question
(3 entries) Practice Brief Exercise 18-3 Sweet Travel, Inc. sells tickets for a dude ranch excursion at Weeping T Ranch to Big City Corporation employees.
(3 entries)
Practice Brief Exercise 18-3 Sweet Travel, Inc. sells tickets for a dude ranch excursion at Weeping T Ranch to Big City Corporation employees. The total package price to Big City Corporation employees is $108,000. Sweet Travel Inc. receives a commission of 8% of the total price. Sweet Travel Inc. therefore remits $99,360 to Weeping T Ranch. Prepare the journal entry to record the remittance and revenue recognized by Sweet Travel, Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started