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Sales method of accounting for its installment sales

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Reference no: EM13940956

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 

Required: 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: EM13940956

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