Question

received commission​

Answer 1

Answer:

When a business firm receives any amount from any person in respect of any services rendered to help them for increasing the sale or helping in purchase of goods or relating to other business transaction, then this receipt will be treated as commission received

Answer 2

Answer:

Interest receivable is the amount of interest that has been earned, but which has not yet been received in cash. The usual journal entry used to record this transaction is a debit to the interest receivable account and a credit to the interest income account.

Explanation:

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