Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days 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 4.00

TV Land Company

Installment Repossession Entries selected transactions of TV Land Company are presented below.
1. A television set costing $540 is sold to Jack Matre on November 1, 2010, for $900. Matre makes a down payment of $300 and agrees to pay $30 on the first of each month for 20 months thereafter.
2. Matre pays the $30 installment due December 1, 2010.
3. On December 31, 2010, the appropriate entries are made to record profit realized on the installment sales.
4. The first seven 2011 installments of $30 each are paid by Matre. (Make one entry.)
5. In August 2011 the set is repossessed, after Matre fails to pay the August 1 installment and indicates that he will be unable to continue the payments. The estimated fair value of the repossessed set is $100. Prepare journal entries to record the transactions above on the books of TV Land Company. Closing entries should not be made.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 02:07 PM My Price 4.00

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