(Installment-Sales Entries) The following summarized information relates to the installmentsales activity of Lisa Jacob Stores Inc. for the year 2007.

Instructions

(a) Prepare journal entries at the end of 2007 to record on the books 0 marized data above.

(b) Prepare the entry to record the gross profit realized during 2007.

Transcribed Image Text:

Installment sales during 2007 $500,000 Cost of goods sold on installment basis 330,000 Collections from customers 200,000 Unpaid balances on merchandise repossessed 24,000 Estimated value of merchandise repossessed 9,200