Indigo Travel, Inc. sells tickets for a dude ranch excursion at Weeping T Ranch to Big City Corporation employees. The total package price to Big City Corporation employees is $144,000. Indigo Travel Inc. receives a commission of 8% of the total price. Indigo Travel Inc. therefore remits $132,480 to Weeping T Ranch. Prepare the journal entry to record the remittance and revenue recognized by Indigo 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.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Indigo Travel, Inc. sells tickets for a dude ranch excursion at Weeping T Ranch to Big City Corporation employees. The total package price ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
1.) The Korean steel company PoSCO trades in the US on the NYSE as an ADR with the symbol PKX. The price of an ordinary share on the Seoul stock exchange is Korean won (KRW) 500,000 and the price of the ADR is US$100.
Answers (1)
Which commercial business/private sector data classification is used to control information about individuals within an organization? A. ConfidentialB. PrivateC. SensitiveD. Proprietary
Answers (1)
General winfield scott's strategy turned out to be the winning strategy, although it wasn't taken seriously at the time. explain why it was mocked early on in the war
Answers (1)
Why is career and technical education supported by the government? A. Because it's required in school B. Because it prepares students for jobs C. Because it sends students to state colleges D. Because it leads to higher unemployment
Answers (1)
How old do you have to be to work at Tim's tree house floral
Answers (2)
New Questions in Business
Marquese is making 10 pounds of trail mix from raisins and nuts. Raisins cost $3.45 per pound, and nuts cost $7.95 per pound. How many pounds of raisins and how many pounds of nuts should marquese use for the trail mix to cost him $6.96 per pound?
Answers (2)
Ten Pins Manufacturing has 9 million shares of common stock outstanding. The current share price is $81, and the book value per share is $8. The company also has two bond issues outstanding.
Answers (1)
The higher the price of an antique, the greater people's expectation that the object is rare. That, in turn, makes the antique appear more valuable. If the statements above are correct, then offering an antique for sale at a bargain price:
Answers (1)
Elmer received the following distributions from Virginiana Mutual Fund for the calendar year 2019: Ordinary dividends $250 Capital gain distributions $170 Nontaxable distributions $80 Elsie, Elmer's wife, did not own any of the Virginiana Mutual
Answers (1)
Ocean Vessels, Inc., and Pacific Harbor Company enter into a contract for a sale of a boat. Ocean is a merchant who deals in goods of the kind sold. The goods are defective. Under the UCC, the implied warranty of merchantability is breached a.
Answers (1)