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What is received commision?
A received commission is a fee for service performed that has been received.
Rob Polanski is a tractor salesman Last week his total sales amounted to 38642.00 and he received 2704.94 in commission What is his rate of commission?
Rob Polanski is a tractor salesman. Last week his total sales amounted to $38,642.00, and he received $2,704.94 in commission. What is his rate of commission?A. 6% B. 5.9%C. 7%D. 8.4%
Can a garnishment include bonuses and commission?
Yes if the garnishee has received the bonus and/or commission it can be garnished at the time the judgment writ is executed and as long as the garnishment remains valid.
What is the rate of commission if totals sales are 27650.00 and you received 1382.50?
5% 1382.5/27650
Define Prepaid revenue?
Prepaid revenues are defined as revenue that have been received in the current fiscal period but that will not be added to revenues until a subsequent fiscal period when the benefits are given.
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.
