Help me please! this is accounting for special transactions from the book of millan 2020

456 Chapter 10 Installment Sales Method 457 gives the customer a trade-in value of P8,000 for the old merchandise and subsequently collects. P12,000. (RPCPA) Use the following information for the next two questions: 17. The journal entry to record the sale, including the traded-in merchandise, includes a Cloudy Co. uses the installment sales method of accounting. a. debit to "under allowance" of P4,000. Information on Cloudy's past operations follows: b. debit to "over allowance" of P4,000. c." credit to "under allowance" of P4,000. 20x1 20x2 d. credit to "over allowance" of P4,000. Installment sales 300,000 405,000 495,000 20x3 Cost of sales 210,000 243,000 321,750 18. How much is the realized gross profit? Gross profit rate 30% 40% a. 6,857 b. 8,888 c. 10,667 Installment accounts receivable, Dec. 31: 35% d. 12,400 - From 20x1 installment sales 180,000 135,000 60,000 -From 20x2 installment sales 300,000 195,000 - From 20x3 installment sales 390,00 In 20x3, a customer defaulted. Accordingly, the merchandise with an estimated value of P15,000 was repossessed. The sale was made in 20x1 and the unpaid balance on the date of repossession was P22,500. 15. How much was the total realized gross profit in 20x3? a. 98,400 d. 79,500 c. 89,400- d. 94,500 (AICPA) 16. How much was the gain (loss) on the repossession in 20x3? a. (690) b. 690 c. (750) d. 750 (AICPA) Trade-in Use the following information for the next two questions: Dawn Co. uses the installment sales method. Dawn Co. sells merchandise costing P20,000 for P32,000 and accepts old merchandise with fair value of P12,000 as trade-in. Dawn