Oliver Furnishings frequently has sales involving $"$no down payment and no payments for three months." Three months after the purchase date, customers make four equal monthly payments $($i$.$e$.,$ they make equal payments $3,4,5,$ and $6$ months after purchase$).$ Each payment is one$-$quarter of the purchase price.$\backslash$

The company has a December $31$ year$-$end. During the current year, the company made the following sales on installment plans. Oliver makes a $40\%$ gross margin on these sales. $($Click the icon to view the sales data.$)\backslash$

Required$\backslash$

Begin by recording the journal for installment sales made in May. $($Record debits first, then credits. Explanations are not required.$)\backslash$

$\backslash \backslash \backslash \backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$May$,3,,],[,,,],[,,,],[.,,,]]\backslash$

Now, prepare a compound entry to show the installment collections and revenue adjustments that will be made on each of the installment dates.$\backslash$

$\backslash \backslash \backslash \backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Aug$-$Nov$],[,,,],[,,,],[,,,],[,,,],[,,,]]$