What is Commission Received In Advance - Definition And Meaning - Journal Entry
Commission received in advance or Unearned commission or Prepaid Commissio n is that Revenue which you received in advance from company but you need to deliver the services for that amount received i n advance . It is an example of Unearned Revenue.or Revenue Received In Advance . It is a Current Liability as the services needed to be delivered to the company for the payment received in advance. Commission Received In Advance Journal Entry For Example, for the month, you as a service company received advance commission from the management of the company, then following Entry is passed as shown below: Cash a/c XXX Commission Re...