The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2014.

Installment sales during 2014                                     $500,000
Cost of goods sold on installment basis                        350,000
Collections from customers                                           180,000
Unpaid balances on merchandise repossessed               24,000
Estimated value of merchandise repossessed                  11,200

Instructions
  (a) Prepare journal entries at the end of 2014 to record on the books of Phillips Stores, Inc. the summarized data above.
  (b) Prepare the entry to record the gross profit realized during 2014.