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Homework - Week 1 - Chapter 18 Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their...

Curiosity Company

Curiosity Company provided the following financial information for its installment-sales for the current year.


Financial Data:
Installment sales for current year $ 800,000
Cost of Goods Sold on installment basis $ 600,000
Payments by customers $ 320,000
Repossessed Merchandise - Unpaid balances $ 52,000
Repossessed Merchandise - Estimated Value $ 26,800

Required:
a) Prepare journal entries for the end of the year based on the information above.

b) Prepare the entry to record the gross profit realized in the current year.
Homework – Week 1 – Chapter 18 Problem 1: You are the Senior Accountant for the Patty Corporation which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on their operations. P a t ' s E l e c t r o n i c s D
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Homework – Week 1 – Chapter 18 i v i s i o n Pat's Electronics Division sells computers through agents in various cities. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to the customers. Revenue is recognized at the point of sale. A d d i t i o n a l F i n a n c
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