Homework - Ch 5

Homework - Ch 5 - Exercise 5-4 Requirement 1 July 1, 2006...

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Exercise 5-4 Requirement 1 July 1, 2006 To record installment sale Installment receivables . .................................................. 300,000 Sales revenue . ............................................................. 300,000 Cost of goods sold . ......................................................... 120,000 Inventory . .................................................................... 120,000 To record cash collection from installment sale Cash . ............................................................................... 75,000 Installment receivables . .............................................. 75,000 July 1, 2007 To record cash collection from installment sale Cash . ............................................................................... 75,000 Installment receivables . .............................................. 75,000
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Exercise 5-4 (continued) Requirement 2 July 1, 2006 To record installment sale Installment receivables . .................................................. 300,000 Inventory . .................................................................... 120,000 Deferred gross profit . .................................................. 180,000 To record cash collection from installment sale Cash . ............................................................................... 75,000 Installment receivables . .............................................. 75,000 To recognize gross profit from installment sale Deferred gross profit . ...................................................... 45,000 Realized gross profit . .................................................. 45,000 July 1, 2007 To record cash collection from installment sale Cash . ............................................................................... 75,000 Installment receivables . .............................................. 75,000 To recognize gross profit from installment sale Deferred gross profit . ...................................................... 45,000 Realized gross profit . .................................................. 45,000
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This note was uploaded on 09/27/2008 for the course BUS 1000 taught by Professor Professor during the Spring '08 term at Cal Poly.

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Homework - Ch 5 - Exercise 5-4 Requirement 1 July 1, 2006...

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