Sandhill Inc. sells tickets for a Caribbean cruise on Ship Away Cruise Lines to Sunland Company employees.
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- Sandhill Inc. sells tickets for a Caribbean cruise on Ship Away Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $ Sandhill Inc. receives a commission of of the total price. Sandhill Inc. therefore remits $ to ShipAway.Prepare the journal entry to record the receipt of payment of $ from employees for the cruise packages and theremittance and revenue recognized by Sandhill Inc. on this transaction. Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select No entry" for the account titles and enter for the amounts. List all debit entries before credit entries.No Account Titles and Explanation Debit Credit Accounts Payable Sales Revenue Textbook and Media. The following are independent situations. Situation :Sunland Cosmetics acquired of the shares of common stock of Martinez Fashion at a total cost of $ per share onMarch On June Martinez declared and paid $ cash dividends to all stockholders. On December Martinezreported net income of $ for the year. At December the market price of Martinez Fashion was $ per share.Situation :Coronado, Inc. obtained significant influence over Seles Corporation by buying of Seles's outstanding shares of commonstock at a total cost of $ per share on January On June Seles declared and paid cash dividends of $ to allstockholders. On December Seles reported a net income of $ for the year.Prepare all necessary journal entries in for both situations. List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles andenter for the amounts. Record journal entries in the order presented in the problem.DateAccount Titles and ExplanationDebitCredittion : Sunland CosmeticsCashCashDividend RevenueFair Value AdjustmentUnrealized Holding Gain or Loss Equity
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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