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QUESTION

The accountant of Comfort Shoe wholesalers is busy with recording income and is struggling with the following transactions:

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

R20 000. 

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. 

Required: 

Explain using the definition of "income" whether each of these transactions results in income 

for the period. 

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