Ask Experts Questions for FREE Help !
Ask
    ACCTGUY's Avatar
    ACCTGUY Posts: 22, Reputation: 1
    New Member
    		  
    #1

    Apr 4, 2012, 04:10 PM
    Installment method journal entries
    ABC INC SOLD 1,250,000 machine to XYZ INC on OCT 15th for $ 150,000 down and 10 monthly payments of $ 110,000 Machine COST ABC $ 500,000 Show OCT 15th Entry with CASH PAYMENT of $ 150,000 Hint Use Installment method and Defer GROSS MARGIN SHow NOV 15th entry if $ 220,000 paid instead of $ 110,000

    Just want journal entries
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Apr 4, 2012, 10:14 PM
    So you are not going to bring the sales to account until you are paid
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Depriciation Journal entries maintaining Straight line method [ 1 Answers ]

I want to know the total procedure of depriciation regarding Straight Line method. From beginning of depriciation charged on an asset till it sold & purchase a new one.

Installment-Sales Method [ 1 Answers ]

Can someone let me know if I did the following problem correct? On January 1, 2007, Barkly Company sold property for $200,000. The note will be collected as follows: $100,000 in 2007, $60,000 in 2008, and $40,000 in 2009. The property had cost Barkly $150,000 when it was purchased in 2005. ...

View more questions Search