Prepare the entry to record the revenue recognized, Accounting Basics

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Prepare the entry to record the revenue recognized

Travel Inc. sells tickets for a Caribbean cruise to Carmel Company employees. The total cruise package costs Carmel $50,300 from ShipAway cruise liner. Travel Inc. receives a commission of 8% of the total price. Travel Inc. therefore remits $46,276 to ShipAway.

Prepare the entry to record the revenue recognized by Travel Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Account Titles and Explanation	Debit	Credit

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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

Reference No:- TGS0692033

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Write a net ionic equation for the precipitation reaction

Q : What amount of gross profit will be recognized in each year

Q : Describe the currently pays social security tax

Q : Formulate as a linear programming problem

Q : Prepare the entry to record the revenue recognized

Q : Write a net ionic equation for each of the reactions

Q : Question regarding the chronic diseases

Q : Which of the equations represents chemical reaction

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare the entry to record the revenue recognized

Reference No:- TGS0692033

Recent Questions Asked Accounting Basics

Q : Write a net ionic equation for the precipitation reaction

Q : What amount of gross profit will be recognized in each year

Q : Describe the currently pays social security tax

Q : Formulate as a linear programming problem

Q : Prepare the entry to record the revenue recognized

Q : Write a net ionic equation for each of the reactions

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