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financial accounting i want more info on the journal and to be clear

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3. On July10, year 2011, Guna Trading sold merchandises on installment plan for Birr 1,000,000. The cost of merchandise sold totals Birr 70,000. The term of the transaction says that Birr 200,000 will be paid as a down payment on July10, 2011 and the rest at the rate of Birr 40,000/ month for 20 months to come. Assume the fiscal period begins on January 1 and ends on December 31 and also the company uses installment revenue recognition method. Instructions: a. Compute cash collected, recovery of cost, and the realized gross profit b. Journalize the necessary entries in two column general journal form

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On July10, year 2011, Guna Trading sold merchandises on installment plan for Birr 1,000,000. The cost of merchandise sold totals Birr 70,000. The...
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