Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 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 02 Aug 2017 My Price 3.00

Jordan Corporation

Installment Sales Accounting

Jordan Corporation had sales in 2007 of $150,000, in 2008 of $180,000, and in 2009 of $225,000.The gross profit percentage of each year, in order, was 26%, 29%, and 32%. Past history has shown that 20% of total sales are collected in the first year, 40% in the second year, and 20% in the third year. Assuming these collections are made as projected, give the journal entries for 2007, 2008, and 2009, assuming the installment sales method. Ignore provisions for bad debts and interest.

Answers

(5)
Status NEW Posted 02 Aug 2017 12:08 PM My Price 3.00

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