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What is a commission booth?
a booth that makes commission
Are the proceeds of sale from a property to a third party unearned income?
The proceeds from the sale of a property to a third party are generally not considered unearned income, as they represent the capital gained from an asset you owned. Unearned income typically refers to earnings not derived from active work, such as interest, dividends, or rental income. Instead, the sale proceeds are often classified as capital gains, subject to taxation based on the difference between the sale price and the property's original purchase price.
Do you have to pay a commission if your agent sell your home to another agent they both want a commission?
The total commission amount should be in the listing agreement. If your listing agent has agreed to sell your home for 6% and another agent decides to buy it, your listing agent is responsible for paying that agent's commission out of the 6% commission you have agreed to pay them for procuring a buyer. They are not allowed to unilaterally demand a separate commission for the other agent. If they try to force you to pay extra commission above the original amount you agreed to pay you should contact that agent's broker in charge. If you do not get satisfaction from the broker in charge then contact your state's Real Estate Commission and complain long and loudly.
Can a real estate broker waive his commission to another person?
A real estate broker can waive a commission at will.
Types of commission in the business?
Types of Commissions:1. Base plus commissions- It involves receiving a pre-determined base salary plus some type of commission on the sales you actually make.2. Draw against commission- type of compensation plan is totally commission based.3. Residual commissions- Earning residual commissions is a salesperson's dream, because as long as their accounts are generating revenue for the employer, the salesperson continues to receive a commission.4. Salary plus bonus- this is the method of compensation you agree upon, you'll receive a pre-determined salary each pay period that is not impacted by your performance.5. Salary plus commission- This is the same as a "base plus commission" compensation structure.6. Straight commission- type of compensation can be a bit risky, since you only get paid based on how much you sell.7. Straight salary - you'll earn a straight salary that is in no way impacted positively or negatively by your sales performance.8. Variable commission- This type of commission structure is similar to a straight commission, however, the commission rate you're paid goes up or down based on pre-determined circumstances.
Is unearned commission a liability?
yes
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.
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
What is Unearned fees and unearned revenue?
Unearned fee and unearned revenue is that amount which is received from client in advance but actual services are not provided yet to client.
Where does the unearned fees appear?
Unearned Fees appear on the
Unearned revenue is initially recognized with a?
credit to unearned revenue
On which financial statements can you find unearned revenue?
The keyword is "Unearned", because it is unearned it is a liability until after it is earned and is listed as such. Therefore, Unearned Revenue will be listed on financial statements that include "Liabilities".
What kind of account is unearned revenue?
Unearned Revenue is a liability account.
If a run scores in baseball on a walk-off error is it earned or unearned?
unearned
What is the journal entry for unearned income?
debit unearned incomecredit services liability
Unearned revenue is a contra revenue account?
Unearned Revenue is a Liability Account
