Description of this paper

Curiosity Company Curiosity Company prov...

Description

Solution


Question

Curiosity Company Curiosity Company provided the following financial information for its installment-sales for the current year. Financial Data: Installment sales for current year $ 800,000 Cost of Goods Sold on installment basis $ 600,000 Payments by customers $ 320,000 Repossessed Merchandise - Unpaid balances $ 52,000 Repossessed Merchandise - Estimated Value $ 26,800 Required: a) Prepare journal entries for the end of the year based on the information above. b) Prepare the entry to record the gross profit realized in the current year.

 

Paper#8096 | Written in 18-Jul-2015

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