Although there are recommendations to use tomato juice or to cover the smell with odor masking agents, there is a better “solution.” Mix one quart of 3 percent hydrogen peroxide (available from a pharmacy) with a quarter cup baking soda and one teaspoon of liquid soap. Soak the animal or area to be treated with water, scrub with the mixture, and then rinse again in warm water. THIS SOLUTION MAY CAUSE BLEACHING! Use cautiously because it may temporarily turn your black lab into a chocolate lab.
If scent is discharged in a room or under a building and the yellow discharge cannot be washed away, ventilating the area will speed up the dissipation of the scent. Use ventilation fans to improve air circulation.
See an additional FAQ for a more detailed answer, along with additional remedies at How can I get rid of skunk smell?.