Example 4Commission received in cash during 2020 was $1 000.31 Dec 201931 Dec 2020242$In arrears10050In advance20080Required:Prepare the commission income account for the year ended 31 December 2020.

Accrued income is the income which is due but not received yet. Such type of income is adjusted in…

Example 4 Commission received in cash during 2020 was $1 000. 31 Dec 2019 2$ 31 Dec 2020 $ In arrears 100 50 In advance 200 80 Required: Prepare the commission income account for the year ended 31 December 2020.

Example 4 Commission received in cash during 2020 was $1 000. 31 Dec 2019 2$ 31 Dec 2020 $ In arrears 100 50 In advance 200 80 Required: Prepare the commission income account for the year ended 31 December 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Example 4
Commission received in cash during 2020 was $1 000.
31 Dec 2019
31 Dec 2020
24
2$
In arrears
100
50
In advance
200
80
Required:
Prepare the commission income account for the year ended 31 December 2020.

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