Solution-Prepare lazaros entry to record the repossession

Prepare lazaros entry to record the repossession

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Reference no: EM131119340

1. Lazaro Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $800, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $520, and the fair value of the repossessed merchandise is $275. Prepare Lazaro's entry to record the repossession.

Reference no: EM131119340

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Prepare lazaros entry to record the repossession : At the time of repossession, the uncollected balance is $520, and the fair value of the repossessed merchandise is $275. Prepare Lazaro's entry to record the repossession.

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Prepare lazaros entry to record the repossession

Reference no: EM131119340

Reference no: EM131119340

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