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.

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.$)$

Required

Sales data

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