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Explain the major class of transactions in the Revenue process

  1. Explain the major class of transactions in the Revenue process
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Answer #1

Classes of transactions in the sales and collection cycle -

The nature of the accounts may vary of course depending on the industry and client involved. There are differences in the nature and account titles for a service industry a retail company and an insurance company but the key concepts remain the same. To provide a frame of references for understanding the material let's assume we are dealing with a wholesale merchandising company

The five classes of transactions in the sales and collection cycle includes the following

*sales (cash and sales on account)

*cash receipts

*sales returns and allowances

*write off of uncollectible accounts

*estimate of bad debt expense

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