Chapter 5 - Saikat Mitra Ch. 5 Intermidiate Accounting HW E...

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Saikat Mitra Ch. 5 Intermidiate Accounting HW E 5-3 2011 To record installment sales Installment receivables. ............................................................ 360,000 .................................................................................. Inventory ..................................................................................... 234,000 ................................................................ Deferred gross profit ..................................................................................... 126,000 2011 To record cash collections from installment sales Cash. ......................................................................................... 150,000 ............................................................. Installment receivables ..................................................................................... 150,000 2011 To recognize gross profit from installment sales Deferred gross profit. ............................................................... 52,500 ................................................................. Realized gross profit ....................................................................................... 52,500 -------------------------------------------------------------------------------------------------- ----------------- 2012 To record installment sales Installment receivables. ............................................................ 350,000 .................................................................................. Inventory ..................................................................................... 245,000 ................................................................ Deferred gross profit ..................................................................................... 105,000 2012
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This note was uploaded on 12/12/2011 for the course ECON 121 taught by Professor N/a during the Spring '11 term at Butler Community College.

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Chapter 5 - Saikat Mitra Ch. 5 Intermidiate Accounting HW E...

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