Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs

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Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $70,000 from Ship A way Cruise liner. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $65,800 to Ship A way. Prepare the entry to record the revenue recognized by Travel Inc. on this transaction.

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Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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