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- Download: http://solutionzip.com/downloads/johnson-company/
- Johnson Company provided the following financial information for its installment-sales for the current year:
- Financial Data:
- Installment Sales for the 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
- Required:
- A) Prepare Journal Entries for the end of the year based on the information above.
- B) Prepare the Entry to record Gross Profit realized in the current year.
- Download: http://solutionzip.com/downloads/johnson-company/
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