Question

received Commission by cheque journal entry​

Answer 1

Answer:

BANK A/C ...dr

toCOMMISSION A/C

Explanation:

ASSET>increase debit- decrease credit

LIABILITY>increase credit-decrease debit

INCOME>increase credit -decrease debit

EXPENSE>increase debit-decrease credit

bank which is an asset is increasing therefore debit it

while income in the form of commission is received therefore credit it

Answer 2

Explanation:

received commission 75,000 by cheque