Magical Memories sells Florida theme park vacation packages to various customers throughout the United States. Magical Memories receives a 5% commission based on the total price of the vacation package. A customer purchased the Deluxe Package valued at $15,000. Required: Prepare Magical Memories’s journal entries to record sale of the vacation package, the receipt of cash from the customer, and the remittance to the theme park.
Magical Memories sells Florida theme park vacation packages to various customers throughout the United States. Magical Memories receives a 5% commission based on the total price of the vacation package. A customer purchased the Deluxe Package valued at $15,000. Required: Prepare Magical Memories’s journal entries to record sale of the vacation package, the receipt of cash from the customer, and the remittance to the theme park.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 1RP
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Magical Memories sells Florida theme park vacation packages to various customers throughout the United States. Magical Memories receives a 5% commission based on the total price of the vacation package. A customer purchased the Deluxe Package valued at $15,000.
Required:
Prepare Magical Memories’s
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