Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees....

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Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $78,000. Sandhill Inc. receives a commission of 6% of the total price. Sandhill Inc. therefore remits $73,320 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $78,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Accounts Payable Sales Revenue Cash 2. Cash Advertising Expense Commission Expense Revenue from Consignment Sales Debit 78,000 Credit 4,680 73,320 Sandhill Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Sunland Company employees. The total cruise package price to Sunland Company employees is $78,000. Sandhill Inc. receives a commission of 6% of the total price. Sandhill Inc. therefore remits $73,320 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $78,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Sandhill 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Accounts Payable Sales Revenue Cash 2. Cash Advertising Expense Commission Expense Revenue from Consignment Sales Debit 78,000 Credit 4,680 73,320