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Prepare in journal form all entries required in 2012

Installment-Sales Computations and Entries Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

(a) Compute the realized gross profit for each of the years 2010, 2011, and 2012.

(b) Prepare in journal form all entries required in 2012, applying the installment-sales method of accounting. (Ignore interest charges.)

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Accounting Basics: Prepare in journal form all entries required in 2012

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