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Brief Exercise 18-16 Metlock Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to

Brief Exercise 18-16

Metlock Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $84,000. Metlock Inc. receives a commission of 6% of the total price. Metlock Inc. therefore remits $78,960 to ShipAway.

Prepare the journal entry to record the remittance and revenue recognized by Metlock Inc. on this transaction.

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