Business, 08.03.2021 22:30 emma650

Spartan Travel Agency, Inc. sells tickets for a cruise on Best Cruise Lines to Big Tech Company employees. The total cruise package price to Big Tech employees is $100,000. Spartan receives a commission of 5% of the total price and remits the balance to Best Cruise Lines. Prepare the journal entry that Spartan will make to record (1) the receipt of $100,000 from Big Tech employees for the cruise packages and (2) the remittance to Best Cruise Lines and revenue recognized by Spartan Travel Agency, Inc. on this transaction.

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