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What are the journal entries in O2C Cycle.
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Answer Posted / prasad
O2C Cycle covers 5 Stages of accounting cycle.
1. Staging of Goods/Items / Pick Release
Inventory Staging A/C ......Dr 500
Finished Goods A/C ......Cr 500
2. Ship Confirmed
COGS A/C ......Dr 500
Inventory Material A/C ......Cr 500
3. Raising Customer Invoice
Receivable A/C ......Dr 500
Revenue A/C ......Cr 500
4. Receipt of Customer Payment
Remittance Cash A/C........Dr 500
Receivable A/C .................Dr 500
5. Remittance to Bank
Cash A/C...........................Dr 500
Remittance Cash A/C........Dr 500
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