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Never Own Limited (NOL) offers an instalment sales option for their furniture. On January 1, 2019, an accounting firm agreed to purchase $60,000 worth of

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Never Own Limited (NOL) offers an instalment sales option for their furniture. On January 1, 2019, an accounting firm agreed to purchase $60,000 worth of furniture over 3 years. NOL delivered the furniture right away. NOL was paid $10,000 on June 30 and December 31 of each year beginning on June 30, 2019 (i.e., one payment every six months for six total payments). The cost to NOL for the furniture was 36,000. Required: Using the instalment sales method, record the journal entries on January 1, 2019 and on June 30, 2019

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