If Advance Commission paid: [Debit] Prepaid Commission xxxx [Credit] Cash/Bank xxxx If advance commission received: [Debit] Cash/Bank xxxx [Credit]Unearned Commission xxxx
yes
debit unearned incomecredit services liability
[Debit] Cash / bank [Credit] Unearned revenue
liability
If Advance Commission paid: [Debit] Prepaid Commission xxxx [Credit] Cash/Bank xxxx If advance commission received: [Debit] Cash/Bank xxxx [Credit]Unearned Commission xxxx
yes
debit unearned incomecredit services liability
[Debit] Cash / bank [Credit] Unearned revenue
liability
the commission which is outstanding the services for which you have been paid but you haven't rendered it yet !!
[Debit] Cash / bank [Credit] Unearned Interest Income
Debit cash /bank 1500Credit Unearned rent 1500
Cash collected from sales of tickets should be charged to sales rather then unearned revenue so the correct entry is as follows: [Debit] Unearned Revenue xxxx [Credit] Sales revenue xxxx
income recived a/c dr to unearned income
debit cash / bankcredit unearned revenue
Debit customer depositsCredit unearned revenue