Installment-Sales Entries the following summarized information relates to the installment sales activity of Phillips Stores, Inc. for the year 2010.

Installment sales during 2010....................................$500,000

Cost of goods sold on installment basis.....................350,000

Collections from customers.........................................180,000

Unpaid balances on merchandise repossessed..........24,000

Estimated value of merchandise repossessed.............11,200

(a) Prepare journal entries at the end of 2010 to record on the books of Phillips Stores, Inc. the summarized data above.

(b) Prepare the entry to record the gross profit realized during 2010.