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ACC 305 Week 2 Assignment E5-3 Charter Corporation which began business in 2011, appropriately uses the installment sales method of


ACC 305 Week 2 Assignment E5-3 Charter Corporation

E5-3 Charter Corporation, which began business in 2011, appropriately uses the installment sales method of

p. 276 E 5-3 Installment sales method; journal entries
[This is a variation of Exercise 5-2 focusing on journal entries.]

Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2011 and 2012:

Required:
Prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

SOLUTION PREVIEW
2011                            To record installment sales
                                         Installment receivables                        360,000
                                              Inventory                                                          234,000
                                              Deferred gross profit                                         126,000

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