A company enters into 100 contracts with customers. Each contract includes the sale of one product for $100. Cash is received with control of a product transfers. The company 's customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The company’s cost of each product is $60.
The company applies the requirements in FIRS 15 to the portfolio of 100 contracts. Because the contract allows a customer to return the products, the consideration received from the customer is variable. to estimate the variable consideration to which the company will be entitled, the company decides to use the expected value method.
Using the expected value method, the entity estimates that 97 products will not be returned. In addition, the company has significant experience in estimating returns for this product and customer class. The company concludes that it is highly probable that a significant reversal in the cumulative amount of revenue recognized will not occur as the uncertainty is resolved.
Please prepare journal entries to record the transfer of control of the 100 products.
這題我上網找到的答案是：
Debit: Cash 10,000
Credit: Revenue 9,700
Credit: Refund liability 300
Debit: Cost of goods sold 5,820
Debit: Asset 180
Credit: Revenue 6,000
不過這答案跟我們老師上課講到的一個類似題做法不太一樣
如果依照我們老師的作法，我自己做這題的答案是如下：
一、移轉控制權
借：應收退貨權 180
借：銷貨成本 5,820
貸：存貨 6,000
借：應收款 9,700
貸：銷貨收入 9,700
二、30日內不用做分錄
三、30日後如未退貨
借：應收款 300
貸：銷貨收入 300
借：銷貨成本 180
貸：應收退貨權 180
四、30日後如退貨
借：存貨 180
貸：應收退貨款 180
因為不了解到底哪個正確，請各位幫忙指點一下
到底是英文的作法對還是中文的？
然後中文的是我自己寫的，還沒對過答案不清楚是否正確
如果錯誤也請幫忙指正一下，謝謝哦~