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 Accounts Payable Debit 67,000 Credit

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 Accounts Payable Debit 67,000 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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