Question

The trial balance of Santos Corporation shows a balance in sales of $330,100 and a balance...

The trial balance of Santos Corporation shows a balance in sales of $330,100 and a balance in sales commissions of $29,000.  Salesmen are paid commissions of 11% of sales. Commissions on sales for the last week of December have not been paid.  Prepare the adjusting entry.

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Answer #2
Working note :1
CALCULATION OF SALES COMMISSION OF LAST WEEK OF DECEMBER
Sales $3,30,100
Sales Commission @ 11% $36,311
Already Shown in Sales Commission account $29,000
Balance to recorded in sales commission $7,311
Solution:
Adjusting Journal Entry
Sr. No. Date Account Title and explanation Debit Credit
1 Dec, 31 Sales Commissions $7,311
         Sales Commissions Payable $7,311
answered by: anonymous
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