Sawyer Furniture Company concluded its first yeaer of operations in which it made sales of...
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Accounting
Sawyer Furniture Company concluded its first yeaer of operations in which it made sales of $900,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $710,000; total cost of merchandise on hand at the end of the year was 480,000
Instructions
Using the installment-sales method, make summary entries to record:
(a) the installment sales and cash collections;
(b0 the cost of installemts sales;
(c0 the unrealized gross profit;
(d0 the realized gross profit;
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