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Prepare summary journal entries for 2013 and 2014

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Charter Corporation, which began business in 2013, appropriately uses the installment sales method of accounting for its installment sales. The following data were obtained for sales during 2013 and 2014:


 2013 2014
Installment sales $ 360,000
$ 350,000
Cost of installment sales
234,000

245,000
Cash collections on installment sales during:





2013
150,000

100,000
2014
-

120,000

Prepare summary journal entries for 2013 and 2014 to account for the installment sales and cash collections. The company uses the perpetual inventory system.

Reference no: EM13503884

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