Question
5. Your company, which has a fiscal year ending October 31, sells scented bars of soap for a 12% commission. As of October 31, total
5. Your company, which has a fiscal year ending October 31, sells scented bars of soap for a 12% commission. As of October 31, total sales are $400,000. Your company has received $30,000, which you credited to Revenue.
a.How much additional revenue must you record for the fiscal year?
b.What is the journal entry to record the additional revenue?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
