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Question: novak inc sells tickets for a caribbean cruise on shipaway...

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Novak 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 $67,000. Novak Inc. receives a commission of 7% of the total price. Novak Inc. therefore remits $62,310 to shipAway. Prepare the journal entry to record the remittance and revenue recognized by Novak 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.) Account Titles and Explanation Debit Credit Reven

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