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What will be the journal entry for commission received?

AhmedFarooqi ∙

Lvl 1

∙ 11y ago

Updated: 9/19/2023

[Debit] Cash account xxxx

[Credit] Commission received xxxx

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∙ 11y ago

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What will be the journal entry if you received net commission after deducting prev month gross commission?

The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX

Commission received what is journal entry?

Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.

Is a journal entry made on invoices received?

no entry when invoices received, journal entry made when transaction occured and not when invoices received.

What is the journal entry for bill received?

There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.

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

Related Questions

What entry would you make in the general journal for commission received?

Debit cash / bankCredit commission received

What will be the journal entry if you received net commission after deducting prev month gross commission?

The journal entry for receiving commission is as follows: Cash/Bank [Debit] XXXX Commission[Credit] XXXX

Commission received what is journal entry?

Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.

Is a journal entry made on invoices received?

no entry when invoices received, journal entry made when transaction occured and not when invoices received.

What is the journal entry to record an accrued commission?

debit commission receivablecredit commission income

What is the journal entry for bill received?

There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.

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

What is will be the journal entry of recognition of comission payable?

Debit commission expenseCredit commission payable

What is the journal entry for commission paid?

Debit Commission expense Credit Cash / bank

What is the journal entry for commission to be paid?

[Debit] Commission expense xxxx [Credit] Commission payable xxxx

What is the entry for commission received in the trading profit and loss account?

Commission received will appear on the credit

What is journal entry for commission paid?

debit commission expensecredit cash / bank

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