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Prepare the entry to record the gross profit

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Question - Adam's Adorable Creations Company provided the following financial information for its installment-sales for the current year.

Financial Data:

Installment sales for current year $2,500,000

Cost of goods sold on installment basis $2,000,000

Repossessed merchandise: Estimated value $32,000

Repossessed merchandise: Unpaid balances $45,000

Payments by customers $1,600,000

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: EM132095803

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