Gordeeva Corporation began selling goods on the installment basis on January 1, 2012. During 2012, Gordeeva had installment sales of $165,000; cash collections of $61,300; cost of installment sales of $110,550. Prepare the companys entries to record 1) installment sales, 2) cash collected, 3) cost of installment sales, 4) deferral of gross profit, and 5) gross profit recognized, using the installment-sales method Number account title and explanations 1. Debt Credit 2. Debt Credit 3. Debt Credit 4. Debt Credit 5. Debt Credit