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AC06 Sales I - Coggle Diagram
AC06 Sales I
Revenue Recognition
Goods
Economic Benefits
Probable
Revenue
Measured
Reliably
Control
Lost
Cost
Measured
Reliably
Risk & Rewards
Transferred to Buyer
Services
Stage of Completion
Measured
Reliably
Cost
Measured
Reliably
Economic Benefits
Probable
Revenue
Measured
Reliably
Sales Returns
Contra Revenue
Dr Sales Returns & Allowances Cr Trade Discounts Allowed
Cr Cash/Accounts Receivable
COGS
Dr Inventory Cr COGS
Order Entry
No Accounting Transaction
Cash in advance
Dr Cash
Cr Unearned Revenue
Sales Discounts
Trade
On List Price
To encourage bulk buy
Contra Revenue
Dr Trade Discounts Allowed
Dr Cash/Accounts Receivable
Cr Sales Revenue
Cash
To encourage prompt payment
On Invoice Price
Expense
Dr Cash Discounts Allowed Dr Cash
Cr Accounts Receivable
Statement of Comprehensive Income
Contra Revenue
Trade Discounts
Sales Returns & Allowances
Expenses
Cash Discounts