XZ concludet its first year of operations in which it made sales of $800.000, all in installment.Collections during the year from down payments and installments totaled $300.000.Purchases for the year totaled $400.000; the cost of mechandise on hand at the end of the year was $80.000
Using the installment - sales mothod , make summary entries to record:
1. The installment sales and cash collections
2. The cost of installment sales
3. The unrealized gross profit
4. The realized gross profit
Please if you can provide some details will be great.Thank you