Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 7.00

Phillips Stores, Inc.

(Installment-Sales Entries)

6

The following summarized information relates to the installment-sales activity of Phillips Stores, Inc. for the year 2014.

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Installment sales during 2014 $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

Instructions

(a) Prepare journal entries at the end of 2014 to record on the books of Phillips Stores, Inc. the summarized data above.
(b) Prepare the entry to record the gross profit realized during 2014.


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Answers

Maurice Tutor
(5)
Status NEW Posted 08 Aug 2017 04:08 PM My Price 7.00

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