Rent Recieved
pppgreen
Registered Posts: 21 Regular contributor ⭐
When recieving money for rent i.e. your a landlord is it a debit or credit entry in the rent recieved account?
So if commission recieved of £150 has been credited to the rent recieved account would it affect the trail balance?
Thanks in advance.
So if commission recieved of £150 has been credited to the rent recieved account would it affect the trail balance?
Thanks in advance.
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Comments
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Rent ie income is a credit.
£150 received would be a credit for the income, and the other entry, the debit, would be £150 cash going into the bank.0 -
If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...0
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clegganator wrote: »If commission is taken by an agent that amount should be included in the turnover/income figure and then taken off as an expense...
Yes if commission paid, the OP says commission received.0
