Question & Answer: Sarasota Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employee…..

Sarasota 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 $62, 000. Sarasota Inc. receives a commission of 6% of the total price. Sarasota Inc. therefore remits $58, 280 to ShipAway. Prepare the journal entry to record the remittance and revenue recognized by Sarasota 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.)