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    malccounting Posts: 11, Reputation: 1
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    Mar 5, 2011, 10:58 AM
    Quick and Easy
    We pay for advertising out of our own pocket. We are then, in time, compensated by the head company for 50% of the advertising cost.

    What would be the appropriate journal entries?

    Advert Exp. XXXX
    Cash XXXX

    Compensation Receivable(?) XXXX

    Unsure what second entry should be? Should I just balance the receivable with the cash from the first entry and my expense is really only 50% that hits my income statement?

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