uise on ShipAway package price to Carla Vista Company employees is $79,000. Wildhorse Inc. receives a commission of 6% of the total price. Wildhorse Inc. therefore remits $74,260 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $79,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Wildhorse 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 1. 2. Debit ||||| Credit
uise on ShipAway package price to Carla Vista Company employees is $79,000. Wildhorse Inc. receives a commission of 6% of the total price. Wildhorse Inc. therefore remits $74,260 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $79,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Wildhorse 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 1. 2. Debit ||||| Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please dont provide solution in image format thnku
![Wildhorse Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carla Vista Company employees. The total cruise
package price to Carla Vista Company employees is $79,000. Wildhorse Inc. receives a commission of 6% of the total price. Wildhorse
Inc. therefore remits $74,260 to ShipAway.
Prepare the journal entry to record (1) the receipt of payment of $79,000 from employees for the cruise packages and (2) the
remittance and revenue recognized by Wildhorse 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
1.
2.
Debit
Credit
111
111](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0077ec45-aeaa-4640-9340-8eb00977cfb7%2F78eae80e-4dd5-497b-8fd7-5cc0b1064143%2Fnmi5yal_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wildhorse Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carla Vista Company employees. The total cruise
package price to Carla Vista Company employees is $79,000. Wildhorse Inc. receives a commission of 6% of the total price. Wildhorse
Inc. therefore remits $74,260 to ShipAway.
Prepare the journal entry to record (1) the receipt of payment of $79,000 from employees for the cruise packages and (2) the
remittance and revenue recognized by Wildhorse 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
1.
2.
Debit
Credit
111
111
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