London Corporation has been using the cash method to account for income since its first year of
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London Corporation has been using the cash method to account for income since its first year of operation in 2011. All sales are made on credit with notes receivable given by the customers. The income statements for 2011 and 2012 included the following amounts:
The balances due on the notes at the end of each year were as follows:
Instructions: Give the journal entries for 2011 and 2012 assuming the installment sales method was used rather than the cashmethod.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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