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It is a source of income/revenue.

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12y ago

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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.


What are examples of revenue income?

sales rent received commission received


How do we treat commission received in ledger accounts?

In ledger accounts, commission received is typically recorded as income. It is credited to the income account, reflecting an increase in revenue. If the commission is earned for services rendered, it may also be categorized under a specific income account, such as "Commission Income." Additionally, it can affect the overall profit and loss statement, contributing to the total income for the period.


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

Commission received will appear on the credit


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.


How does a Pool Commission Structure work?

Pool commission structure in a company works by sharing the revenue from sales. All revenue is put in a 'pool' of sorts and then divided between employees.


Is commission received debited or credited in the cashbook?

Commission received is credited and cash is debited


Can a revenue commission certificate also serve as business license?

no


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

Debit cash / bankCredit commission received


What will be the journal entry for commission received?

[Debit] Cash account xxxx [Credit] Commission received xxxx


Why bank account is debited when commission is received?

commission is an asset


Are fees received but not yet earned an Accrued Revenue?

No, fees received but not yet earned are not classified as accrued revenue; they are considered unearned revenue or deferred revenue. Accrued revenue refers to income that has been earned but not yet received in cash or recorded. In contrast, unearned revenue represents cash received before the service is performed or the goods are delivered. Thus, these two concepts reflect different stages of the revenue recognition process.