Solved: At the time of repossession the uncollected balance is 520, Accounting Basics

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At the time of repossession the uncollected balance is 520

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.

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Accounting Basics: At the time of repossession the uncollected balance is 520

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Prepared by a verified Expert

Accounting Basics: At the time of repossession the uncollected balance is 520

Reference No:- TGS01497292

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