Journal entries in the books of tv land company

Reference no: EM13143003

A television set costing $540 is sold to Jack Matre on November 1, 2010, for $900. Matre makes a down payment of $300 and agrees to pay $30 on the first of each month for 20 months thereafter. Matre pays the $30 installment due December 1, 2010. On December 31, 2010, the appropriate entries are made to record profit realized on the install- ment sales.

The first seven 2011 installments of $30 each are paid by Matre. (Make one entry.) In August 2011 the set is repossessed, after Matre fails to pay the August 1 installment and indi- cates that he will be unable to continue the payments. The estimated fair value of the repossessed set is $100.

Instructions

Prepare journal entries to record the transactions above on the books of TV Land Company. Closing en- tries should not be made.

Reference no: EM13143003

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