FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Grouper Travel, Inc sells tickets for a dude ranch excursion at Weeping T Ranch to Big City Corporation employees. The total package price to Big

Grouper 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 Grouper Travel Inc receives a commission of 8% of the total price Grouper Travel Inc therefore remits $ 99,360 to Weeping T Ranch. 

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Required journal entries ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

★★★★★
Nueve Ltd. had the following pre-tax earnings and losses: Year Pre-tax Earnings (Loss) Tax rate 20x3 $330,000 34% 20x4 $165,000 34% 20x5 $540,000 34% 20x6 $660,000 36% 20x7 ($3,330,000) 36% 20x8...

Answered: 1 week ago

Question

★★★★★
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.

Answered: 1 week ago

Question

★★★★★
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...

Answered: 1 week ago

Question

★★★★★
Problem 1: The three velocities shown would indicate that the body is not rigid. Given that the body is known to be rigid, one of the three velocities is clearly incorrect. Draw all lines and take...

Answered: 1 week ago

Question

★★★★★
In your own words, describe what is shown in figure 15.22.

Answered: 1 week ago

Question

★★★★★
Rachells, a Cingular wireless salesman, consistently sold more and received sales awards and accolades than any of his colleagues between 1999 and 2003. In 2004, Cingular acquired AT&T Wireless...

Answered: 1 week ago

Question

★★★★★
50. There are three coins in a barrel. These coins, when flipped, will come up heads with respective probabilities 0.3, 0.5, 0.7. A coin is randomly selected from among these three and is then...

Answered: 1 week ago

Question

★★★★★
Leadbelly Co. sells pencils in a perfectly competitive product market and hires workers in a perfectly competitive labor market. Assume that the market wage rate for workers is $150 per day. a. What...

Answered: 1 week ago

Question

★★★★★
Rinehart Corporation purchased from its stockholders 4,900 shares of its own previously issued stock for $254,800. It later resold 1,625 shares for $55 per share, then 1,625 more shares for $50 per...

Answered: 1 week ago

Question

★★★★★
EYE SPY sells sophisticated video surveillance equipment. EYE SPY sells the equipment and computer integration services together. It does not sell these separately. The equipment cannot operate...

Answered: 1 week ago

Question

★★★★★
Find the value of x* 4x+25 25 3x+29

Answered: 1 week ago

Question

★★★★★
Throughout Clay's speech on the environment, he reviewed points previously discussed before introducing new points. What is the textbook term for this technique? preview O transition O internal...

Answered: 1 week ago

Question

★★★★★
Perez POPS Please read the instructions carefully. A new client of yours, Katie Perez wants to open an ice cream shop near the downtown shopping center. She will selling Frozen POPS, Frozen Ices,...

Answered: 1 week ago

Question

★★★★★
Duncan Hines produces a boxed cake mix that features Toll House chocolate chips. This is an example of rebranding. Group of answer choices false true

Answered: 1 week ago

Question

★★★★★
One of the weaknesses of Feeding trials is that the diet consumption may not be quantified

Answered: 1 week ago

Question

★★★★★
On January 1, 2025, a new Board of Directors was elected for Cullumber Hospital. The new board switched to a different accountant. After reviewing the hospital's books, the accountant decided that...

Answered: 1 week ago

Question

★★★★★
What are standards for sharing threat intelligence data? Choose all that apply. A . XML B . TAXII C . SCT D . CIRCL E . MISP F . STIX

Answered: 1 week ago

Question

★★★★★
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...

Answered: 1 week ago

Question

★★★★★
Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual interest of $2,000, and the fair value of the bonds was $47,400. Prepare...

Answered: 1 week ago

Question

★★★★★
On April 1, 2012, Pavlova Company received a condemnation award of $410,000 cash as compensation for the forced sale of the companys land and building, which stood in the path of a new state highway....

Answered: 1 week ago

Question

★★★★★
Distinguish among the following: (1) a general checking account, (2) an imprest bank account, and (3) a lockbox account.

Answered: 1 week ago

Question

★★★★★
2. To be successful in college, some would argue that having a mentor, someone who cares about your personal and academic development and who can guide you throughout your academic career to help you...

Answered: 1 week ago

Question

★★★★★
All social groups need to deal with differences within their societies among groups; this leads to topics concerning intergroup relations.

Answered: 1 week ago

Question

★★★★★
14.1 Describe how culture facilitates universal psychological needs and motives to produce similarities and differences in social behavior.

Answered: 1 week ago

Previous Question Next Question