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(Installment-Sales Entries) 6 The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2014. align="left">align="right"> Installment sales...

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(Installment-Sales Entries)
6
The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2014.
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Installment sales during 2014$500,000
Cost of goods sold on installment basis350,000
Collections from customers180,000
Unpaid balances on merchandise repossessed24,000
Estimated value of merchandise repossessed11,200
Instructions
(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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Answered Same Day Dec 25, 2021

Solution

Robert answered on Dec 25 2021
126 Votes
The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2014.
    Installment sales during 2014
$500,000
Cost of goods sold on installment basis
350,000
Collections from customers
180,000
Unpaid balances on merchandise repossessed
24,000
Estimated value of merchandise repossessed
11,200
Instructions
    (a)
    Prepare journal entries at the end of 2014 to...
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