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Who can anwer an accounting question
I am feeling rather stupid right now but I can not for the life of me figure out to book the following scenario so anyone who can help me would be so much appreciated.
I have a Balance Sheet account for Employee Advance for Commissions that were advanced in 2012. Due to technical issues the actual settleing up of Commissions and money advanced is not going to happen until Feb 2013. The President wants me to move the advance and accrue the expenses. In my brain I cannot do a T account that makes this work for me except for the following. Credit Employee Advances Debit Accrued Expenses - which decreases my accrued expenses but does not put the Commission to the I/S where he wants it. If I debit Commission Expense how do I get the Commission we aren't paying until 2013 booked as an accrued expense? Thank you if you can shed some light on this. I am concerned I will really trash something. |
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