Octagon co. appropriately uses the installment sales method, Ask an Expert

Accounting

Octagon Co. appropriately uses the installment sales method of accounting for its installment sales.

During 2006, Octagon made installment sales of $400,000 and received payments of $250,000 on those sales. Octagon's gross profit margin is 40%

Prepare journal entries to record the sale, collection, and recognition of gross profit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9276709

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