(Answered) Jordan corporation had sales in 2014 of 150000 in 2015 of

Accounting

Jordan Corporation had sales in 2014 of $150,000, in 2015 of $180,000, and in 2016 of $225,000. The gross profit percentage of each year, in order, was 25%, 30%, and 35%. Past history has shown that 20% of the total sales collected in the first year, 40% in the second year and 20% in the third year. Assuming these collections are made as projected, give the journal entries for 2014, 2015, 2016, assuming the installment sales method. Ignore provisions for bad debts and interest.

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