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Prepare the entry to record the gross profit

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Reference no: EM131874349

Problem - Curiosity Company provided the following financial information for its installment-sales for the current year.

Financial Data: 

Installment sales for current year $ 800,000

Cost of Goods Sold on installment basis $ 600,000

Payments by customers $ 320,000

Repossessed Merchandise - Unpaid balances $ 52,000

Repossessed Merchandise - Estimated Value $ 26,800

Required:

a) Prepare journal entries for the end of the year based on the information above.

b) Prepare the entry to record the gross profit realized in the current year.

Reference no: EM131874349

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