Posted: July 12th, 2016
Calculate the revenue to be recognized in fiscal year 2012 for each division of Patty Corporation
Installment sales for current year $ 800,000
Cost of Goods Sold on installment basis $ 600,000
Payments by customers $ 320,000
Repossessed Merchandise – Unpaid balances $ 52,000
Repossessed Merchandise – Estimated Value $ 26,800
a) Prepare journal entries for the end of the year based on the information above.
b) Prepare the entry to record the gross profit realized in the current year.
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