Solved: Cost of goods sold on installment basis 1800000 prepare, Accounting Basics

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Cost of goods sold on installment basis 1800000 prepare

Question - Adam's Adorable Creations Company provided the following financial information for its installment sales for the current year.

Financial Data:

Installment sales for current year $2,400,000

Cost of goods sold on installment basis $1,800,000

Repossessed merchandise: Estimated value $56,000

Repossessed merchandise: Unpaid balances $90,000

Payments by customers $1,750,000

Required: Prepare journal entries for the end of the year based on the information above.

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Accounting Basics: Cost of goods sold on installment basis 1800000 prepare

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