O-LevelAccountingAccounting procedures7707/11 · Oct/Nov 2015 · Q91 Mark

On 1 January commission receivable, $210, was outstanding. Commission received during the year amounted to $4850. Which journal entry would be made at the end of the financial year on 31 December?

Acommission receivable | 4640 income statement | 4640

Bcommission receivable | 5060 income statement | 5060

Cincome statement | 4640 commission receivable | 4640

Dincome statement | 5060 commission receivable | 5060

✓ Correct answer

A: commission receivable | 4640 income statement | 4640

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2015 Paper 1 Variant 1, question 9.

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