Direction: Give what is asked and determine the accounting principle in each case. Write your answer on a yellow pad paper or intermediate pad. Do not forget to write your name and consolidated number. 1. ABC Company has a policy of giving 5% commission based on sales. One of their sales agents sold amounting to 1 million pesos on the rst quarter. The company paid him on the second quarter. The company should report the commission of the sales agent on the rst quarter based on what principle? Give two principles On December 25, 2015, the John Marketing Consultants receives Php 1,500 cash from SD corporation. This is an advance receipt of cash for which the consultancy service is to be provided in the month of January. 2016. On January 05, 2016, the relevant consultancy services are provided by John Marketing consultants to SD corporation. John Marketing 1IPage