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Question: (Installment-Sales Entries) The following summarized information relates to the installment sales activity of Phillips Stores, Inc. for the year 2014.
(a) Prepare journal entries at the end of 2014 to record on the books of Phillips Stores, Inc. the summarized data above.
(b) Prepare the entry to record the gross profit realized during 2014
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robert purchased and plaed in service 100000 of seven-year class assets on august 10 of the current year. he also
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