(Installment Repossession Entries) Selected transactions of TV Lenny Company are presented below.

1. A television set costing $560 is sold to Mark Prior on November 1, 2008, for $800. Prior makes a down payment of $200 and agrees to pay $30 on the first of each month for 20 months thereafter.

2. Prior pays the $30 installment due December 1, 2008.

3. On December 31, 2008, the appropriate entries are made to record profit realized on the installment sales.

4, The first seven 2009 installments of $30 each are paid by Prior. (Make one entry.)

5. In August 2009 the set is repossessed, after Prior fails to pay the August 1 installment and indicates that he will be unable to continue the payments. The estimated fair value of the repossessed set is $100.

Instructions Prepare journal entries to record the transactions above on the books of TV Lenny Company. Closing entries should not be made.