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