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Explain the installment-sales method of accounting

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Reference no: EM131592015

Question: (Installment-Sales Computations and Entries) Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

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(a) Compute the realized gross profit for each of the years 2014, 2015, and 2016.

(b) Prepare all entries required in 2016, applying the installment-sales method of accounting. (Ignore interest charges.)

Reference no: EM131592015

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