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What are the journal entries in O2C Cycle.
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Answer Posted / s.y.kishore
O2C Cycle(order to cash)
1.Sales order
Reeving inventory a/c debit 1000
sub inventory a/c credit 1000
2. Pic release
deffer cogs a/c debit 1000
Reeving inventory a/c credit 1000
3. ship conform
cogs a/c debit 1000
deffer cogs a/c 1000
4.invoice/transacation
Receivables a/c debit 1000
revenue a/c credit 1000
5.receipt from customer
conformed cash a/c debit 1000
receivables a/c credit 1000
6.Remit to bank
Remitted cash a/c debit 1000
conformed cash a/c credit 1000
7 Reconciliation
Cash a/c debit 1000
remitted cash a/c credit 1000
| Is This Answer Correct ? | 4 Yes | 3 No |
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