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- 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 $78,000. Sandhill Inc. receives a commission of 6% of the total price. Sandhill Inc. therefore remits $73,320 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $78,000 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. 2. Cash Accounts Payable Accounts Payable Sales Revenue cs eTextbook and Media Debit CreditTravel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $70,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $65,800 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $70,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction.Pharoah Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Ivanhoe Company employees. The total cruise package price to Ivanhoe Company employees is $63,000. Pharoah Inc. receives a commission of 5% of the total price. Pharoah Inc. therefore remits $59,850 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $63,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Pharoah 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. 2. Cash Accounts Payable No Entry Accounts Payable Cash sales Debit 63,000 63,000 Credit 63,000 0 59,850
- Travel 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. Travel Inc. receives a commission of 6% of the total price. Travel 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 Travel Inc. on this transaction.Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $70,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $65,800 to ShipAway. Prepare the journal entry to record the remittance and revenue recognized by Travel Inc. on this transaction.Crane Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Cullumber Company employees. The total cruise package price to Cullumber Company employees is $84,000. Crane Inc. receives a commission of 6% of the total price. Crane Inc. therefore remits $78,960 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $84,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Crane 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 2. No Entry Commission Expense Sales Revenue No Entry Debit 84,000 0 78,960 5,040 0 Credit 84,000 0 84,000 0
- Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Oriole Company employees. The total cruise package price to Oriole Company employees is $64,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $60,160 to ShipAway.Prepare the journal entry to record (1) the receipt of payment of $64,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel 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.)Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Cullumber Company employees. The total cruise package price to Cullumber Company employees is $62,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $58,280 to ShipAway.Prepare the journal entry to record (1) the receipt of payment of $62,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel 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.) Sr. No. Account Titles and Explanation Debit Credit 1. 2.Cullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Blossom Company employees. The total cruise package price to Blossom Company employees is $60,000. Cullumber Inc. receives a commission of 5% of the total price. Cullumber Inc. therefore remits $57,000 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $60,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Cullumber 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. 2. Debit Credit TAMI
- Cullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Bonita Company employees. The total cruise package price to Bonita employees is $62,000. Cullumber receives a commission of 6% of the total price. Cullumber therefore remits $58,280 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $60,000 from employees for the cruise ship package and (2) the remittance and revenue recognized by Cullumber Inc. on this transaction. (Credit account titles are automatically indented when the 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.Your answer is partially correct. Cullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Blossom Company employees. The total cruise package price to Blossom Company employees is $60,000. Cullumber Inc. receives a commission of 5% of the total price. Cullumber Inc. therefore remits $57,000 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $60,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Cullumber 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. Debit Credit Cash Accounts Payable Accounts Payable Sales Revenue Cash 60,00 60,000 60,00 3,000 57,000Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of 6%, 1%, and term of sales of 2/45, n/60. Mr. Adrian pay the shipper of the shipping costs up to the buyer's warehouse. 1. How much is the invoice price? 2. When is the due date to avail the 2% discount? 3. What is the term of shipment? Choose if: FOB Shipping Point - Freight Collect, FOB Shipping Point - Freight Prepaid, FOB Destination - Freight Prepaid, FOB Destination - Freight Collect
