Al-Taweel Corporation, which began business in 2017. appropriately uses the installment sales method following data were obtained foe sales during 2017 and 2018 : 2017 2018 Installment sales OR 140,000 OR130, 000 Cost of installment sales 84,000 91,000 Cash collections on installment sales during 2017 55,000 37,000 2018 45,000 Required: Prepare journal entries for 2017 and 2018 to account for the installment sales and cash collections.
Al-Taweel Corporation, which began business in 2017. appropriately uses the installment sales method following data were obtained foe sales during 2017 and 2018 : 2017 2018 Installment sales OR 140,000 OR130, 000 Cost of installment sales 84,000 91,000 Cash collections on installment sales during 2017 55,000 37,000 2018 45,000 Required: Prepare journal entries for 2017 and 2018 to account for the installment sales and cash collections.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
Related questions
Question
![Al-Taweel Corporation, which began business in 2017. appropriately
uses the installment sales method following data were obtained foe sales during 2017
and 2018 :
2017
2018
Installment sales
OR 140,000
OR130, 000
Cost of installment sales
84,000
91,000
Cash collections on installment sales during
2017
55,000
37,000
2018
45,000
Required:
Prepare journal entries for 2017 and 2018 to account for the installment sales and
cash collections.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F697f2a48-e7e9-401a-95f9-aaeb727882c3%2F4da42034-3d55-41d0-88af-304e4127e40e%2F3n5017_processed.png&w=3840&q=75)
Transcribed Image Text:Al-Taweel Corporation, which began business in 2017. appropriately
uses the installment sales method following data were obtained foe sales during 2017
and 2018 :
2017
2018
Installment sales
OR 140,000
OR130, 000
Cost of installment sales
84,000
91,000
Cash collections on installment sales during
2017
55,000
37,000
2018
45,000
Required:
Prepare journal entries for 2017 and 2018 to account for the installment sales and
cash collections.
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