Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis. a. Compute
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Question:
Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.
a. Compute the realized gross profit for each of the years 2014, 2015 and 2016.
b. Prepare in journal form all entries required in 2016 applying the installment sales method of accounting Ignore interest charges.
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