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Your company signs a 2 - year contract to sell McGee Products for a 1 5 % commission on sales. During the first year, McGee

Your company signs a 2-year contract to sell McGee Products for a 15% commission on sales. During the first year, McGee remits $4,000 to your company for commissions that you credit to Commission Revenue. At year end, your company has achieved sales of $50,000 from McGee Products this year. What adjusting entry do you record on December 31?

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