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Prepare all entries required applying the installment-sales

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Reference no: EM131800744

Problem

Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

2014

2015

2016

Sales (on installment plan)

$250,000

$260,000

$280,000

Cost of sales

155,000

163,800

182,000

Gross profit

95,000 $

96,200 $

98,000 $

Collections from customers on:


2014 installment sales

75,000 $

$100,000

50,000 $

2015 installment sales

100,000

120,000

2016 installment sales

100,000

Instructions

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

Reference no: EM131800744

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