Pharoah Inc. selis tickets for a Caribbean cruise on ShipAway Cruise Lines to Ivanhoe Company

employees. The total cruise package price to Ivanhoe Company employees is $$74,000.$ Pharoah

Inc. receives a commission of $6\%$ of the total price. Pharoah Inc. therefore remits $$69,560$ to

ShipAway.

$4440$

Prepare the journal entry to record $(1)$ the receipt of payment of $$74,000$ from employees for the

cruise packages and $(2)$ the remittance and revenue recognized by Pharoah 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. List

all debit entries before credit entries.$)$