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: Given below are the selected transactions of installment sales (a) Sold Merchandise on installment for Rs. 300000 (b) Cost of installment sales is Rs.180000
: Given below are the selected transactions of installment sales
(a) Sold Merchandise on installment for Rs. 300000 (b) Cost of installment sales is Rs.180000 (c) Cash received as down payment Rs. 80000 (d) Cash received from installment accounts receivable Rs.120000
Require: Record the above transactions in general journal with adjusting and closing entries
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