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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following items is needed when opening a bank account? Select the best answer from the choices provided. A. letter of reference B. proof of residency C. birth certificate D. Social Security number
Answers (1)
Elijah's backyard swing set is at the bottom of a sloping bank. when elijah was first learning to walk, just after his firts birthday, he tries to walk feet-first down the bank and promtly took a fall.
Answers (1)
12. Limitations of the CPI Indicate which of the problems in the construction of the CPI are illustrated in each of the following situations.
Answers (1)
Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $27,000 and a market value of $30,000.
Answers (1)
The amount of a product that people are willing and able to purchase at a specific price is referred to as the:
Answers (1)
New Questions in Business
Quiz 1. If you maintain a good driving record, your car insurance company may reward you with
Answers (1)
Littman LLC placed in service on July 29, 2019, machinery and equipment (seven-year property) with a basis of $600,000. Littman's income for the current year before any depreciation deduction was $100,000.
Answers (1)
How do advertising and publicity play a role when it comes to demand?
Answers (1)
Assume a firm's resources and capabilities are costly to imitate. This is because rival companies do not clearly understand the relationship between the resources and capabilities controlled by the firm.
Answers (1)
A firm produces 10 calculators that they sell for $15 each. The average variable cost for the production of 10 calculators is $13/unit. The fixed costs for this firm equal $20. What is the value of this firm's profits
Answers (1)