1. Determine the realized gross profit for 2007, 2008 , 2009. 2. Journalize the entries for 2007, 2008, and 2009 Installment SalesCost of Installment SalesCash received from 2007 salesCash received from 2008 salesCash received from 2009 sales20072008820.000.000 950.000.000574.000.000646.000.00070%300.000.00068%400.000.000350.000.00020091.100.000.000715.000.00065%120.000.000450.000.000420.000.000

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Description: 1. Determine the realized gross profit for 2007, 2008 , 2009. 2. Journalize the entries for 2007, 2008, and 2009 Installment SalesCost of Installment SalesCash received from 2007 salesCash received from 2008 salesCash received from 2009 sales20072008

Instalments sales can be defined as sales where any expense or revenue is recognised on the basis of…

Business

Accounting

Installment Sales Cost of Installment Sales Cash received from 2007 sales Cash received from 2008 sales 2007 820.000.000 574.000.000 70% 300.000.000 2008 950.000.000 646.000.000 68% 400.000.000 350.000.000 2009 1.100.000.000 715.000.000 65% 120.000.000 450.000.000

Installment Sales Cost of Installment Sales Cash received from 2007 sales Cash received from 2008 sales 2007 820.000.000 574.000.000 70% 300.000.000 2008 950.000.000 646.000.000 68% 400.000.000 350.000.000 2009 1.100.000.000 715.000.000 65% 120.000.000 450.000.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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