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
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education