Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.

1.)Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit.

2.)Comput the amount of cash collected in 2016 on accounts recievable each year.

Please show your work.

Exercise 18-20 (Part Level Submission) Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows Installment Receivables Deferred Gross Profit Gross Profit on Sales 2014 $13,300 2014 $8,400 2014 30% 38,300 2015 2015 28,100 2015 33% 2016 89,400 2016 2016 79,200 32% (a) Your answer is partially correct. Try again Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec. 31, 2016 Deferred Gross Profit 45237 Realized Gross Profit 45237 (To recognize gross profit on installment sales) Click if vo would ke to show vwork far this a Open Show work estion