Travel 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 $$70,000.$ Travel Inc. receives a commission of $6\%$ of the total price. Travel Inc. therefore remits $$65,800$ to ShipAway.

Prepare the journal entry to record $(1)$ the receipt of payment of $$70,000$ from employees for the cruise packages and $(2)$ the remittance and revenue recognized by 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. List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$1.$

Accounts Payable

$2.$ Accounts Payable

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