What is Commission Received Account
It is an Indirect Revenue for the agent, broker or for the company (Publishing or Affiliated Company in case of Affiliate Marketing Campaign) which, on the behalf of a company i.e. Advertising company, wants to sell products or provide services as an agent or selling company in order to earn a percentage of sales or for services rendered as a Commission for transactions executed or sales made by it. It is recorded on Income Statement or Profit And Loss Account as a revenue under operating income. You Can Also Study, “ What is Commission Received In Advance ” Commission Received Journal Entry Whe n commission received for Cash or Cheque / Check, then following journal entry is recorded as shown below: Cash a/c / Bank a/c...