Charter corporation which began business in 2013

Reference no: EM13576939

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

Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

Reference no: EM13576939

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