Acct Forum/Excel

stice19_student_08-28.xlsx

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08-28

Name:

To enter the journal entries, select the appropriate account titles from the drop-down lists in the blue-shaded cells of columns C and D, and enter the

appropriate amounts/formulas in the blue-shaded cells in columns F, H, J, L, N, and P. The word "Wrong" will appear to the left of incorrect entries.

Installment Accounts Receivable - 2014

Installment Accounts Receivable - 2015

Journal Entries:

2014

2015

2016

Installment Accounts Receivable - 2016

Debit

Credit

Debit

Credit

Debit

Credit

Installment Sales

Inventory

Cash

Installment Sales

Cost of Installment Sales

Deferred Gross Profit - 2014

Deferred Gross Profit - 2015

Deferred Gross Profit - 2016

Realized Gross Profit on Installment Sales

Solution

08-28					Name:	Solution
	To enter the journal entries, select the appropriate account titles from the drop-down lists in the blue-shaded cells of columns C and D, and enter the
	appropriate amounts/formulas in the blue-shaded cells in columns F, H, J, L, N, and P. The word "Wrong" will appear to the left of incorrect entries.										Installment Accounts Receivable - 2014
											Installment Accounts Receivable - 2015
		Journal Entries:		2014			2015		2016		Installment Accounts Receivable - 2016
				Debit	Credit		Debit	Credit	Debit	Credit	Installment Sales
		Installment Accounts Receivable - 2014		150,000							Inventory
		Installment Accounts Receivable - 2015					180,000				Cash
		Installment Accounts Receivable - 2016							225,000		Installment Sales
			Installment Sales		150,000			180,000		225,000	Cost of Installment Sales
											Deferred Gross Profit - 2014
		Cost of Installment Sales		112,500			126,000		146,250		Deferred Gross Profit - 2015
			Inventory		112,500			126,000		146,250	Deferred Gross Profit - 2016
											Realized Gross Profit on Installment Sales
		Cash		30,000			96,000		147,000
			Installment Accounts Receivable - 2014		30,000			60,000		30,000
			Installment Accounts Receivable - 2015					36,000		72,000
			Installment Accounts Receivable - 2016							45,000
		Installment Sales		150,000			180,000		225,000
			Cost of Installment Sales		112,500			126,000		146,250
			Deferred Gross Profit - 2014		37,500
			Deferred Gross Profit - 2015					54,000
			Deferred Gross Profit - 2016							78,750
		Deferred Gross Profit - 2014		7,500			15,000		7,500
		Deferred Gross Profit - 2015					10,800		21,600
		Deferred Gross Profit - 2016							15,750
			Realized Gross Profit on Installment Sales		7,500			25,800		44,850