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Prepare summary journal entries for 2013 and 2014

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Reference no: EM13503884

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: EM13503884

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