Travel Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sheridan Company employees. The total cruise package price to Sheridan Company employees is $77,000. Travel Inc. receives a commission of 6% of the total price. Travel Inc. therefore remits $72,380 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $77,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Travel Inc. on this transaction.
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