Question

Can anyone pls tell in accounting equation
1) when commission received
which side increases or decreases

pls help me plsssss​

Answer 1

Answer:

It means that every financial transaction has debit and credit effect without which there can be no financial transaction. Accounting equation = Assets + Liabilities + owners capital. At any given point of time, this equation should match. In this case the commission received, it affects assets and the capital.

Explanation:

This increases the fixed assets (Asset) account and increases the accounts payable (Liability) account. Thus, the asset and liability sides of the transaction are equal.

...

Sample Transactions.

Transaction Type Assets Liabilities + Equity