CHARITY AND SPONSOR ADS
Shopping Cart
0 items
 

E 5-3 Installment sales method; journal entries

E 5-3 Installment sales method; journal entries
Click to enlarge
Price: $8.99
Availability: In Stock
Model: A
Average Rating: 5 out of 5 Stars!

INSTANT DOWNLOAD

Solution Guide / Answer Key:

ACCOUNTING

E 5-3 Installment sales method; journal entries

Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales made during 2011 and 2012:

2011 2012__
Installment sales $360,000 $350,000
Cost of installment sales 234,000 245,000
Cash collections on installment sales during:
2011 150,000 100,000
2012 --- 120,000

Required:
Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

 

FILE: MS WORD

Write Review
Your Name:


Your Review: Note: HTML is not translated!

Rating: Bad            Good

Enter the code in the box below:

There are no additional images for this product.