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Is commission receivable a credit or debit?
commission receivable is credited
What is is the difference between Commission Payable and Commission Receivable?
Commission Payable is Commission that you pay, Commission Receivable is Commission someone is paying you.
Is commission receivable a current asset?
Yes
What is the journel entry for commission receivable?
current asset
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
Is commission receivable a credit or debit?
commission receivable is credited
What is is the difference between Commission Payable and Commission Receivable?
Commission Payable is Commission that you pay, Commission Receivable is Commission someone is paying you.
Is commission receivable a current asset?
Yes
What is the journel entry for commission receivable?
current asset
Is Commission a revenue or an expense?
if Commission is received then it is revenue but if commission is paid then it is expense, if commission is receivable then it is asset while if it is payable then it is liability.
Journal entry of commicsion receivable?
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
A firm has a days sales outstanding of 40 days and its annual sales are 7300000 what is the accounts receivable balance?
For calculating accounts receivable balance we need accounts receivable turnover rate So Accounts receivable turnover rate = number of days in year/annual sales outstanding accounts receivable turnover rate = 360/40 = 9 Accounts receivable balance = 7300000/9 Accounts receivable balance = 811111
How do you treat commission receivable due?
To treat commission receivable due, first record it as an asset on the balance sheet under accounts receivable. When the commission is earned, recognize revenue in the income statement. Once payment is received, update your cash account by increasing it and decreasing the accounts receivable. Ensure to monitor for any overdue amounts and assess the need for an allowance for doubtful accounts if collection is uncertain.
What is unearned commission?
the commission which is outstanding the services for which you have been paid but you haven't rendered it yet !!
How do you calculate accounts receivable days outstanding?
First calculate A/R turnover: A/R Turnover = Sales/ Average A/R A/R days outstanding = Amt. of days in a year (could be 360 or 365 depending on problem) divided by A/R turnover In short, A/R outstanding = 365/accounts receivable turnover.
What is an aged Trial Balance?
Shows accounts receivable trial balance with age of outstanding amount.. Usually 30/60/90 etc days outstanding
Outstanding Accounts receivable have a negative effect on net cash on the balance sheet?
Outstanding accounts receivable have a negative effect on the balance sheet because they money has not been received and the budget is not balanced. There is more outgoing cash than there is incoming cash until the accounts are settled.
