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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Feb 2018 My Price 7.00

Dassler Company

Sales Under the Installment Method The following information is available for the Dassler Company, which began its operations in 2010:

1. Installment method sales

2010 $520,000

2011 600,000

2. Gross profit percentage

2010 20%

2011 24%

3. Cash collections on installment method sales

2010 25% of 2010 sales

2011 55% of 2010 sales

30% of 2011 sales

4. Bad debt policy

The company estimates its bad debts to be 2% of installment method sales.

5. Defaults and repossessions

2010 $10,000 of 2010 installment method sales, of which $1,000 had been collected

2011 $20,000 of 2010 installment method sales, of which $4,000 had been collected

$15,000 of 2011 installment method sales, of which $2,000 had been collected

The policy of the company is to value repossessed items at 40% of their original selling price.

Required

Prepare the journal entries for 2010 and 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Feb 2018 06:02 PM My Price 7.00

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