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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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