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    addision's Avatar
    addision Posts: 1, Reputation: 1
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    #1

    Oct 27, 2016, 11:54 AM
    Adjusting journal entry
    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?
    CityAccountant's Avatar
    CityAccountant Posts: 4, Reputation: 1
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    #2

    Nov 12, 2016, 12:01 AM
    Debit: Commission expense: 740
    Credit: Gain/loss on fixed assets: 740
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