On the 5th of the month, Greg Marketing pays its field sales personnel a 3% commission on the previous month's sales. Sales for March 2016 were $1,200,000. What is the entry at the end of March to record the commissions? A. Debit Sales - 36,000$; Credit Sales Commission Expense - 36,000$   B. Debit Sales Commission Expense - 36,000$; Credit Sales Commissions Payable - 36,000$   C. Debit Sales Commission Expense - 36,000$; Credit Accounts Receivable - 36,000$   D. Debit Sales -36,000$; Credit Sales Commission Income - 36,000$

Net profit is calculated in which of the following account? A) Profit and loss account B) Balance sheet C) Trial balance D) Trading account

The debts which are to be repaid within a short period (a year or less) are referred to as, A) Current Liabilities B) Fixed liabilities C) Contingent liabilities D) All the above