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
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.

New Download