ACC 305 Week 2 Problem E5-3 Installment sales

May 1st, 2015
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ACC 305 Week 2 Problem E5-3 Installment sales

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E5-3 on page 275 - Charter CorporationPrepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.Exercise 5-32011To record installment salesInstallment receivables360,000Inventory234,000Deferred gross profit126,0002011To record cash collections from installment salesCash150,000Installment receivables150,0002011To recognize gross profit from installment salesDeferred gross profit52,500Realized gross profit52,5002012To record installment salesInstallment

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