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Ajax Company appropriately accounts for certain sales using the installment sales method. The perpetual by CouponDropDown">inventory system is used. Information related to installment sales for 2013 and 2014 is as follows:
1. Calculate the amount of gross profit that would be recognized each year from installment sales.
Prepare all necessary journal entries for the year 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
2. Prepare all necessary journal entries for the year 2014. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Assume that Ajax uses the cost recovery method to account for its installment sales.
3.Compute the following:
3. Prepare all necessary journal entries for theyear 2013.
Create a master budget for the three-month period ending June 30. Include the subsequent detailed budgets sales budget, by month and in total
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During the month, merchandise is sold for $23,500 cash and for $34,000 on account. The cost of merchandise sold is $41,500. Illustrate what is the amount of gross profit?
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