(Answered) Question analysis of installment-sales accounts samuels co

Accounting

Question: (Analysis of Installment-Sales Accounts) Samuels Co. appropriately uses the installment-sales method of accounting. On December 31, 2016, the books show balances as follows.

(a) Prepare the adjusting entry or entries required on December 31, 2016 to recognize 2016 realized gross profit. (Installment receivables have already been credited for cash receipts during 2016.)

(b) Compute the amount of cash collected in 2016 on accounts receivable from each year.

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