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What is balance of the deferred gross profit account

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Reference no: EM13513352

A customer's Accounts Receivable balance is $30,000 and the gross profit percentage is 20% on sales. The customer defaults and the merchandise, having a fair market value of $27,000, is repossessed.

(1) What is the balance of the Deferred Gross Profit account?

(2) Show what the Accounts Receivable and Deferred Gross Profit accounts look like.

(3) Prepare the entry for the repossession.

Reference no: EM13513352

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