We had a vehicle sell at auction for $4500.00 Gross last month. Commission was $740.00.
We received a net check for $3760.00 last month, debited cash $3760.00 and credited Gain/Loss of fixed asset $3760.00.
We forgot to record the commission. How do I record the commission as a journal entry now that I have recorded the deposit and receivable in the prior period?
