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The entry for unearned commission typically involves debiting a cash or accounts receivable account and crediting an unearned revenue account. This reflects the receipt of payment for services or sales that have not yet been performed. Once the commission is earned, the unearned revenue account is debited, and the commission revenue account is credited to recognize the income.
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What is the journal entry for advanced commission?
If Advance Commission paid: [Debit] Prepaid Commission xxxx [Credit] Cash/Bank xxxx If advance commission received: [Debit] Cash/Bank xxxx [Credit]Unearned Commission xxxx
Is unearned commission a liability?
yes
What is the journal entry for unearned income?
debit unearned incomecredit services liability
What is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned revenue
What is unearned commission account classification?
liability
What is the journal entry for advanced commission?
If Advance Commission paid: [Debit] Prepaid Commission xxxx [Credit] Cash/Bank xxxx If advance commission received: [Debit] Cash/Bank xxxx [Credit]Unearned Commission xxxx
Is unearned commission a liability?
yes
What is the journal entry for unearned income?
debit unearned incomecredit services liability
What is the entry unearned revenue?
[Debit] Cash / bank [Credit] Unearned revenue
What is unearned commission account classification?
liability
What is unearned commission?
the commission which is outstanding the services for which you have been paid but you haven't rendered it yet !!
Journal entry for unearned interest income?
[Debit] Cash / bank [Credit] Unearned Interest Income
Post the journal entry of 1500 unearned rent?
Debit cash /bank 1500Credit Unearned rent 1500
What is the journal entry of cash collected from sale of tickets and recorded as unearned revenue?
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 received in advance journal entry?
income recived a/c dr to unearned income
What is the journal entry for payment which is not earned?
debit cash / bankcredit unearned revenue
How would services related to unearned service revenue were performed look like on general journal?
In the general journal, services related to unearned service revenue would typically be recorded as a debit to the Unearned Service Revenue account and a credit to the Service Revenue account. This entry reflects the recognition of revenue as the service has now been performed. For example, if $1,000 of unearned revenue is earned, the journal entry would be: Debit Unearned Service Revenue $1,000 and Credit Service Revenue $1,000. This entry indicates that the obligation to provide the service has been fulfilled.
