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Prepare the company entries to record installment sales

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Question - Gordeeva Corporation began selling goods on the installment basis on January 1, 2010. During 2010, Gordeeva had installment sales of $179,000; cash collections of $77,300; cost of installment sales of $121,720.

Prepare the company's entries to record

(1) installment sales,

(2) cash collected,

(3) cost of installment sales,

(4) deferral of gross profit, and

(5) gross profit recognized, using the installment-sales method

Reference no: EM131824672

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