Installment Sales Accounting

London Corporation has been using the cash method to account for income since its first year of operation in 2013. All sales are made on credit with notes receivable given by the customers. The income statements for 2013 and 2014 included the following amounts:

The balances due on the notes at the end of each year were as follows:

Give the journal entries for 2013 and 2014 assuming the installment sales method was used rather than the cash method. If an amount box does not require an entry, leave it blank. (Note: In your computations, round percentages to two decimal places and round your final answers to the nearest dollar.)

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2013 2014 $32,000 3,600 45,200 $50,000 5,500 52,020 Cost of goods purchased * Includes increase in inventory of goods on hand of $2,000 in 2013 and $8,000 in 2014