Income received in advance is a , current liability, Income receivable is a , current asset, If income received in advance is not adjusted, profit will be overstated, If income receivable is not adjusted, profit will be understated, Service fee revenue received in advance when adjusted will cause , current liability to increase, Income receivable when adjusted will cause, current assets to increase, Josh Watches earns commission income of $2000 per month. What is the commission income recorded under 'Other Income' in the Statement of Financial Performance for the year ended 31 Dec 2026?, $24,000, Josh Watches received $30,000 as commission via bank transfers throughout the year, what is the commission income receivable recorded under 'Current Assets' in the Statement of Financial Position as at 31 Dec 2026?, $6,000, For the year ended 31 Dec 2026, Lee Legal received legal service fee of $70,000 via bank transfer, this includes $10,000 for legal services to be provided in 2027, what is the legal service fee revenue in the Statement of Financial Performance for the year ended 31 Dec 2026?, $60,000, What is the legal service fee received in advance under the 'Current Liabilities' in Lee Legal's Statement of Financial Position as at 31 Dec 2026?, $10,000.
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