Really great job. Thank you so much. I really love it. Thank you so much for all of your help.
The accountant of Comfort Shoe wholesalers is busy with recording income and is struggling
with the following transactions:
2.1. Comfort Shoe sells a motor vehicle for R30 000, the vehicle was purchased for
2.2. Received a deposit of R2 000 from AB Company to manufacture 50 pairs of shoes.
2.3. Commission income was received but not yet earned, R1 100.
2.4. Received R350 from a debtor for items sold on credit.
2.5. Comfort shoes sells inventory for R10 000 cash.
Explain using the definition of “income” whether each of these transactions results in income
for the period.
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