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In this tutorial on accounting journal entries, the focus is on ASC 606, the new revenue recognition standard, which represents a significant change from the previous, complex standard. ASC 606 aims to simplify the revenue recognition process and ensure consistency across industries. It comprises five key steps: 1) identify the contract with a customer, 2) identify the performance obligations within the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations, and 5) recognize revenue when or as the performance obligations are fulfilled. The benefits of ASC 606 include enhanced consistency in revenue recognition across different sectors.