Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 3.00

Phillips Stores, Inc

Installment-Sales Entries the following summarized information relates to the installment sales activity of Phillips Stores, Inc. for the year 2010. 
Installment sales during 2010 $500,000
Cost of goods sold on installment basis 350,000
Collections from customers 180,000
Unpaid balances on merchandise repossessed 24,000
Estimated value of merchandise repossessed 11,200
(a) Prepare journal entries at the end of 2010 to record on the books of Phillips Stores, Inc. the summarized data above.
(b) Prepare the entry to record the gross profit realized during 2010.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 02:07 PM My Price 3.00

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