O-LevelAccountingAccounting procedures7707/11 · May/June 2022 · Q181 Mark

On 1 April 2021, commission receivable, $210, was outstanding. Commission received during the year ended 31 March 2022 amounted to $4850. Which journal entry should have been made at the end of the financial year on 31 March 2022? debit credit

Adebit: commission receivable $4640, credit: income statement $4640

Bdebit: commission receivable $5060, credit: income statement $5060

Cdebit: income statement $4640, credit: commission receivable $4640

Ddebit: income statement $5060, credit: commission receivable $5060

✓ Correct answer

A: debit: commission receivable $4640, credit: income statement $4640

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Topic: Accounting procedures, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2022 Paper 1 Variant 1, question 18.

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