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Magical Memories sells Florida theme park vacation packages to various customers throughout the United States....

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Question

Accounting

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 Memoriess journal entries to record sale of the vacation package, the receipt of cash from the customer, and the remittance to the theme park.
Prepare Magical Memoriess journal entries to record sale of the vacation package on account on January 1, the receipt of cash from the customer on January 15, and the remittance to the theme park on January 31.
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