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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

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.)
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