The following information is available for the Butler Company, which began operations in 2007:

Required
1. Prepare the journal entries for 2007 and 2008.
2. Prepare a partial income statement and a partial balance sheet for2007.

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2007 2008 Total credit sales (including installment method sales) Total cost of goods sold (including installment method cost of goods sold) Installment method sales Installment method cost of goods sold Cash receipts on installment method sales $100,000 72,000 60,000 42,000 $160,000 105,000 80,000 52,000 2007 sales 2008 sales 25000 26,000 30,000 28,000 85,000 Cash receipts on other credit sales