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Prepare december adjusting entry to recognize gross profit

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Question - Ocala Company sold items only on the installment plan in 2010 and 2011. Additional information follows:

2010 2011

Sales $108,000 $144,000

Cost of goods sold 88,560 103,680

Cash receipts on installment method sales

2010 sales 36,000 54,000

2011 sales -0- 45,000

Prepare the December 31, 2010 adjusting entry to recognize the gross profit realized on installment sales.

Reference no: EM131919238

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