J.C. Clendenin accounts for installment sales by reporting income in the proportion of the collections to the

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J.C. Clendenin accounts for installment sales by reporting income in the proportion of the collections to the selling price. On December 31 20X3 the books show account balances as follows: The gross profit rate were 20X1 35%, 20X2 30%, 20X3 40%What adjusting entries are required on December 31, 20X3?How much was collected in 20X3 on accounts receivable each year?

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J.C. Clendenin accounts for installment sales by reporting income in the proportion of the collections to the

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