[This is a variation of Exercise 5-3 focusing on journal entries.] Charter Corporation, which began business in
Question:
[This is a variation of Exercise 5-3 focusing on journal entries.] Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014:
Required:
Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventorysystem.
Transcribed Image Text:
Installment sales Cost of installment sales Cash collections on installment sales during: 2013 $360,000 234,000 150,000 2014 $350,000 245,000 2013 2014 100,000 120,000
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2013 Installment receivables 360000 Inventory 234000 Deferred gr...View the full answer
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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