The following summarized information relates to the

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The following summarized information relates to the installment-sales activity of SE Parker Inc. for the year 2013

Installment sales $500,000

Cost of goods sold on installment 350,000

Collection from customers 180,000

Unpaid balances on merchandise repossessed 24,000

Estimated value of merchandise repossessed 11,200

(a)Prepare journal entries at the end of 2013 to record the books

(b)prepare the entry to record the gross profit realized during 2012

Reference no: EM13485183

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