This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!
Foghorn Leghorn Corporation began selling goods on the installment basis on January 1, 2008.
During 2008, the company had installment sales of $170,000, cash collections of $66,000, and cost of installment sales of $119,000.
Prepare the company's entries to record installment sales, cash collected, cost of installment sales, deferral of gross profit, and gross profit recognized, using the installment-sales method.
© BrainMass Inc. brainmass.com June 4, 2020, 12:15 am ad1c9bdddf
Thank you for using BM.
Anna Liza Gaspar
** Please see attached Excel file for answers. ...
This solution helps with a problem about installment sales.