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Problem 1: J.C. Clendenin accounts for installment sales by reporting income in the proportion of the collections to the selling price.
On December 31 20X3 the books show account balances as follows:
Installment Contract Receivable
Deferred Gross Profit
20X1
$10,000
$8,000
20X2
40,000
26,000
20X3
90,000
105,000
The gross profit rate were 20X1 35%, 20X2 30%, 20X3 40%
1. What adjusting entries are required on December 31, 20X3?
2. How much was collected in 20X3 on accounts receivable each year?
Problem 2: The Warren Furniture Company reports income on the installment basis and uses perpetual inventory accounts. The following data are available:
Sales Year
% gross profit
Installment Rec. Jan 1, 20X7
Collected During 20X7
Installment Rec. On dec 31, 20X7
20X5
46%
$30,000
-
20X6
42%
50,000
34,000
$160,000
20X7
40%
60,000
140,000
To this data, prepare an 20X7 journal entries, including those required for the recognition of gross profit at the end of the year.
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