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General Accounting Discussions: ADJUSTING ENTRY

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    RECORDING ADJUSTING ENTRY FOR THE SALES OF LOTTERY TICKETS!!

    MONTHLY RECORDING BANK DEBITS AS COST OF SALES/LOTTERY = CR BANK , DR COS/LOTTERY. AT THE END OF THE YEAR, WE HAVE A TOTAL OF $191,748.51 CONSIDERED AS LOTTERY COST.

    THEN WE RECEIVE A TICKET LISTING WHICH SPECIFIES THE FOLLOWING INFORMATION, OF WHICH WE USE TO RECORD COMMISSIONS FROM THESE LOTTERY TICKET SALES. THE FOLLOWING IS THE INFO ON THIS LISTING, AND THEIR CATAGORY TOTALS FOR THE YEAR:


    SALES CANCELS SALES COMMISSIONS PAID-OUTS CASHING COMMISSIONS SERV CHARGES TOTAL
    $347,331.00 -$2,753.25 - $17,362.40 -$134,275.50 -$1,388.28 $520.00 $192,071.57


    NOW I AM MAINLY POSTING COMMISSION INCOME, $17,362.40 - SALES COMMISSIONS
    $ 1,388.28 - CASHING COMMISSIONS
    TOTAL I NEED AS MY COMM INCOME $18,750.68 -

    CONSIDERING I MUST FINALIZE MY YEARLY TOTALS TO SHOW THE COMMISSION AS LOTTERY INCOME, WHAT ADJUSTMENTS WOULD I NEED TO PROPERLY RECORD THE TOTALS ABOVE??? REMEMBER, I ALREADY HAVE THE BANK DEBITS $192,071.57 IN MY BOOKS AS COSALES, WHICH IS THE AMOUNT LISTED IN THE LAST COLUMN , THE TOTAL COLUMN ABOVE. THE FOLLOWING IS A RECAP OF THE JOURNAL ADJUSTMENTS I WOULD NEED:

    1. SHOW SALES AS $347,331.00
    2. SHOW CANCELS (-2,753.25)
    3. SHOW SALES COMMISSIONS AS INCOME $-17,362.40
    4. SHOW PAID-OUTS OF $-134,275.50
    5. SHOW CASHING COMMISSIONS OF $-1,388.28
    6. SHOW SERVICE CHARGES OF $520.00

    WHAT ADJUSTING ENTRIES WOULD I NEED TO MAKE TO SHOW THESE ITEMS WITH THE PROPER YEAR END BALANCES ? KEEP IN MIND THAT THE ONLY VARIFIED ITEM AND BOOKED ITEM, IS THE COGS SOLD WHICH I RECEIVE AND ENTER MONTHLY FROM OUR BANK STATEMENT DEBIT LISTINGS.

    CAN YOU HELP??

    THANKS
    BECKY
    Thankful People: priyanka mahajan
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    What's up with the cap key?

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