Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Finance & Accounting    Ask about another Subject  
 
PDA

raiya
Sep 22, 2009, 09:30 AM
Hi please help me on this transaction, because I answer myself as follow: Dr. Salaries Expenses and Cr. Account Payable. But I am not sure with my answer.

Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
morgaine300
Sep 22, 2009, 06:39 PM
The information is confusing. WHO is the entry supposed to be for? The person who is going to pay the commission or the person is who going to get the commission?
rehmanvohra
Sep 22, 2009, 10:05 PM
Hi please help me on this transaction, because I answer myself as follow: Dr. Salaries Expenses and Cr. Account Payable. But I am not sure with my answer.

Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).

Salaries
Debit Salaries Expense
Credit Salaries Payable

Commission

In this case the agent has earned a commission by selling the property on behalf Petty, hence:

Debit Accounts receivable
Credit Commission revenue