Prepare the entry to record the gross profit realized

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Reference no: EM13139110

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: EM13139110

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