Installment-sales method to make summary entries

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Sawyer Furniture Company concluded its first year of operatiosn in which it made slaes of $800,000, all on installement. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000.

Using the installment-sales method, make summary entries to record:

(a) the installment sales and cash collections;

(b) the cost of installment sales;

(d) the realized gross profit.

Reference no: EM13147865

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