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Prepare the entry to record the revenue recognized

Response to the following problem:

Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $70,000 from ShipAway cruise liner. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $65,800 to ShipAway.

Prepare the entry to record the revenue recognized by Travel Inc. on this transaction.

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Accounting Basics: Prepare the entry to record the revenue recognized

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Accounting Basics: Prepare the entry to record the revenue recognized

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