Recording the transaction of providing travel services to the travelers, who paid $22,500 with a balance of $4,500 in the books of the Travel Services Corporation include:
Journal Entries:
Debit Cash $22,500
Debit Accounts Receivable $4,500
Credit Service Revenue $27,000
Data Analysis:
Cash $22,500 Accounts Receivable $4,500 Service Revenue $27,000
Thus, the total service revenue recorded for this transaction is $27,000.
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