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Prepare the journal entries for 2008.

a

Adjusting Entries for Installment Sales – The Smookler Company uses the installment method for certain sales and experiences a constant gross profit rate of 20%. The following are the account balances at December 31, 2007 and 2008:

Installment Receivables

Deferred Gross Profit

Installment Method Sales

2007

$50,000

$10,000

$100,000

2008

80,000

16,000

130,000

Required

Prepare the journal entries for 2008.

 

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