Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
Commission in a trial balance can be debit or even credit . It depends on a situation . If commission is given in the debit side of a trial balance then it is debit and if it is given in credit side then it is credit . But if no info is given it is taken as debit . Thanks
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
Debit
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.
credit
Commission in a trial balance can be debit or even credit . It depends on a situation . If commission is given in the debit side of a trial balance then it is debit and if it is given in credit side then it is credit . But if no info is given it is taken as debit . Thanks
[Debit] Commission paid xxxx [Credit] cash / bank xxxx
cash as a debit and fee earned as a credit
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
[Debit] Cash[Credit] Discount earning
Branch retained earnigs - Debit Profit from Branch - Credit Bank account - debit Branch retained earning - Credit Current account - Branch - Debit Bank Account - Credit
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
Debit
All incomes has credit balance as a default normal balance so earned income also has credit balance as default normal balance.