0
What else can I help you with?
What is the journel entry for commission paid?
Commission Paid A/c Dr To Cash/Bank A/c Cr
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.
What is the entry for unearned commission?
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.
Is commission receivable a current asset?
Yes
What is the journel entry for commission paid?
Commission Paid A/c Dr To Cash/Bank A/c Cr
Journal entry of commicsion receivable?
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
Why you are passing journel entry?
To maintain accounts
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.
What is the journel entry for commencement of business?
cash a/c dr capital a/c cr
What is the entry for unearned commission?
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.
Is commission receivable a current asset?
Yes
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
What happens when you record a journel entry for a sale?
When you record a journal entry for a sale, you typically debit the cash or accounts receivable account to reflect the increase in assets from the sale. Simultaneously, you credit the sales revenue account to recognize the income generated from the transaction. If applicable, you may also need to account for sales tax by recording a liability. This entry ensures that your financial statements accurately reflect the transaction and maintain the accounting equation.
Is a decrease in accounts receivable debit or credit?
A Credit entry reduces Accounts Receivable
What is the journal entry for interest receivable?
[Debit] Interest Receivable [Credit] Interest Income
