Accounting Chapter 5 Homework To record cash collections from installment sales

subject Type Homework Help
subject Pages 6
subject Words 430
subject Authors David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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page-pf1
Student Name:
Class:
Requirement 1:
2016 Cost recovery %:
$180,000
$300,000 = 60% =40% Correct!
Requirement 2:
Date Account Debit Credit
2016 300,000 Correct!
180,000
120,000
Installment receivables
Inventory
Deferred gross profit
Gross profit %
2017 Cost recovery %:
Instructor
Problem 05-19
McGraw-Hill/Irwin
To record installment sales
page-pf2
Requirement 3:
Cash
Collected Gross Profit
$120,000 0 Correct!
Date Account Debit Credit
2016 300,000 Correct!
2016 sales
2016
Cost Recovery
$120,000
Date
Installment receivables
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Given Data P05-19:
AJAX COMPANY
Sales
page-pf4
Student Name:
Class:
Requirement 1:
200,000$ «- Correct!
Requirement 2:
Point of Delivery Installment Sales Cost Recovery
Debit Credit Debit Credit Debit Credit
500,000 «- Correct!
500,000 «- Correct!
Account
Installment receivable
Problem 05-20
McGraw-Hill/Irwin
Sales revenue
Instructor
Gross Profit Recognized
SILVA COMPANY
SILVA COMPANY
General Journal
Total profit
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Student Name:
Class:
Problem 05-20
McGraw-Hill/Irwin
Instructor
Requirement 3:
Point of Installment Cost
Delivery Sales Recovery
400,000 400,000 400,000
Partial Balance Sheet
Installment receivable
Assets
SILVA COMPANY
December 31, 2016
page-pf6
500,000$
Given Data P05-20:
SILVA COMPANY
Merchandise sold

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