Refer to KVM company supplies goods to KOS company worth Php 7,200. KOS sells goods on behalf of the joint venture and realizes Php 5,000, KOS is entitled to a commission of 6% on sales. , what should be the credit entry of KOS for its commission?
a. Commission Account
b. Cash
c. Profit and Loss Account
d. Joint Venture Account

Question

03-06-2024
Business

Answered

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Refer to KVM company supplies goods to KOS company worth Php 7,200. KOS sells goods on behalf of the joint venture and realizes Php 5,000, KOS is entitled to a commission of 6% on sales. , what should be the credit entry of KOS for its commission?
a. Commission Account
b. Cash
c. Profit and Loss Account
d. Joint Venture Account

Sagot :

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