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    MelanieFay's Avatar
    MelanieFay Posts: 1, Reputation: 1
    New Member
     
    #1

    Aug 11, 2012, 04:10 PM
    A company insurance salesman sold a life insurance policy to a client for a premium o
    A company insurance salesman sold a life insurance policy to a client for a premium of $25,000. The agency billed the client for the policy and is entitled to a commission of 20%.

    How do I do an adjusting journal entry for this question? Will it have two parts to it?
    paraclete's Avatar
    paraclete Posts: 2,704, Reputation: 171
    Ultra Member
     
    #2

    Aug 11, 2012, 05:39 PM
    Firstly an entry can be as large or as compact as you like as I see it this one has four legs
    Sales, commission payable, accounts receivable and sales commissions

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