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Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $67,000. Sandhill Inc. receives a commission of 7% of the total price. Sandhill Inc. therefore remits $62,310 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $67,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash No 2. Unearned Cash Debit 67000 Credit 62310 entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash 2. No Unearned Unearned Commission Revenue Unearned Franchise Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue eTextbook and Media Debit 67000 Credit 62310

Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $67,000. Sandhill Inc. receives a commission of 7% of the total price. Sandhill Inc. therefore remits $62,310 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $67,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash No 2. Unearned Cash Debit 67000 Credit 62310 entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash 2. No Unearned Unearned Commission Revenue Unearned Franchise Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue eTextbook and Media Debit 67000 Credit 62310

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $67,000. Sandhill Inc. receives a commission of 7% of the total price. Sandhill Inc. therefore remits $62,310 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $67,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash No 2. Unearned Cash Debit 67000 Credit 62310
Transcribed Image Text:Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $67,000. Sandhill Inc. receives a commission of 7% of the total price. Sandhill Inc. therefore remits $62,310 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $67,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash No 2. Unearned Cash Debit 67000 Credit 62310
entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash 2. No Unearned Unearned Commission Revenue Unearned Franchise Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue eTextbook and Media Debit 67000 Credit 62310
Transcribed Image Text:entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Cash 2. No Unearned Unearned Commission Revenue Unearned Franchise Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue eTextbook and Media Debit 67000 Credit 62310
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