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Charter Corporation_Installment sales

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Question;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;2013;2014;Installment sales;$;360,000;$;350,000;Cost of installment;sales;234,000;245,000;Cash collections on;installment sales during;2013;150,000;100,000;2014;?;120,000;Required;Prepare summary journal entries for 2013 and;2014 to account for the installment sales and cash collections. The company;uses the perpetual inventory system.

 

Paper#40212 | Written in 18-Jul-2015

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