Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question & [20 points] DigiCom had credit sales of $50,000 in 2014 that required use of the installment method. Digicom's cost of merchandine sold was
Question & [20 points] DigiCom had credit sales of $50,000 in 2014 that required use of the installment method. Digicom's cost of merchandine sold was $30.000. Digicom obediend ched to the name of $20.000 n 2014 und $15.00 2016 Inventory system is used. In your calculations, ignore Interest charges. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format mer 15 would be a) Give Joumal entries Jelated to the Instalment sales for 2014. Assume all transactions occur on December 31. Please make sure your finalwers) are accurate to 2 animal places b) Glve joumal entries related to the instalment sales for 2015. Assume all transactions occur on December 31. Please make sure your final antwer(s) are accurate to 2 decimal places o pelo + 11 + c) What is the ending 2014 balance in the following accounts? Please make sure your final answer(s) are accurate to the nearest whole number. Instalment accounts receivables Sales Cost of goods sold Deferred gross profit on instalment sales ital in huilding for Digicom which had a contract price of $2,900,000. The construction is scheduled to be completed in June 2016. Contract
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started