The accountant of Comfort Shoe wholesalers is busy with recording income and is struggling
with the following transactions:
21 Comfort Shoe sells a motor vehicle for R30 000, the vehicle was purchased for
22 Received a deposit of R2 000 from AB Company to manufacture 50 pairs of shoes
23 Commission income was received but not yet earned, R1 100
24 Received R350 from a debtor for items sold on credit
25 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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