E5-5 & E5-6

E5-5 & E5-6 - Accounting 340 Homework Solutions...

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Unformatted text preview: Accounting 340 Homework Solutions Spiceland 6 th Edition Exercises 5-5 & 5-6 Exercise 5-5 Requirement 1 July 1, 2011 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, 2012 To record cash collection from installment sale Cash.......................................................................................... 75,000 .............................................................Installment receivables....
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E5-5 & E5-6 - Accounting 340 Homework Solutions...

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