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Prepare all necessary journal entries

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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual by CouponDropDown">inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:


 2013 2014
Sales $ 370,000
$ 470,000
Cost of sales
240,500

282,000
Customer collections on:





2013 sales
155,000

135,000
2014 sales



185,000

1. Calculate the amount of gross profit that would be recognized each year from installment sales.

Prepare all necessary journal entries for the year 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)

2. Prepare all necessary journal entries for the year 2014. (If no entry is required for a particular transaction, select "No journal entry req
uired" in the first account field.)

Assume that Ajax uses the cost recovery method to account for its installment sales.

3.Compute the following:

3. Prepare all necessary journal entries for theyear 2013.

Reference no: EM13341264

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