The following summarized information relates to the

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Reference no: EM13482933

The following summarized information relates to the installment-sales activity of Phillops Stores, Inc. for the year 2012.

Installment sales during 2012 $576,000
Cost of goods sold on installment basis $374,400
Collections from customers $248,000
Unpaid balances on merchandise repossessed $41,300
Estimated value of merchandise repossessed $14,400

a)prepare journal entries at the end of 2012 to record on the books of Phillips Stores Inc the summarized data above.

1) To Record installment sales

2) to record cash collected in installment receivables

3) To record cost of installment sales

4) To record merchandise repossessed

5) To defer gross profit on installment sales

b) Prepare the entry to record the gross profit realized during 2012.

Reference no: EM13482933

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