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Charter Corporation which began business in 2011 appropriately uses the installment sales method of accounting for its installment sales The following data were obtained for sales during 2011 and 2012 Installment sales 2011 360,000 2012 350,000 cost of installment sales 2011 234,000 2012 245,000 cash collections on installment sales during 2011 150,000 2012 100,000 120,000 prepare summary journal entries for 2011 and 2012 to account for the installment sales and cash collections the company uses the perpetual inventory system.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412873

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