Thank you for your question, and thanks for using JustAnswer.com.
Let's pretend that you have a $1,000 transfer with a $10 commission. Someone comes in and gives you $1,000 to transfer to someone else. These are the entries that you will make:
1) to record the deposit
Debit Cash $1,010
Credit Transfers Payable $1,000
Credit Revenue $10
2) to record the transfer
Debit Transfers payable $1,000
Credit Cash $1,000
I hope this makes sense. In essence, the transfer amount is a liability to you, because it is not your funds to use - it's designated for the person receiving the wire.
Keep in mind that the term "revenue" and "sales" are used interchangeably. You may need to set up a transfer liability account on your books to keep track of all of this, though. This would be a current liability.
Please let me know if this is not clear. Thanks for using JustAnswer.com and have a happy, and safe, 2013.
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