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Question - Porty Corporation pays commission to its sales agents at the rate of 3% of net sales. Sales agents are not paid but given monthly advances of P 15,000. Advances are charged to commission expense, and reconciliation against commissions are prepared quarterly. Net sales for the year ended March 31, 2019 was P15,000,000. The unadjusted balance in the commissions expense account on March 31, 2019 was P400,000. March advances were paid on April 3, 2019.
Required -
1. In its profit or loss for the year ended March 31, 2019, what amount should Porty report as commission expense?
2. How much commission is still payable for the month of March after deducting the advances given.
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