Solution-Account for the installment sales and cash

Account for the installment sales and cash collections

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1.[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:

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Required:
1.Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventorysystem.

Reference no: EM13883495

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Account for the installment sales and cash collections

Reference no: EM13883495

Reference no: EM13883495

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