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Installment-sales computations and entries presented below

Question: (Installment-Sales Computations and Entries) Presented below is summarized information for Johnston Co., which sells merchandise on the installment basis.

(a) Compute the realized gross profit for each of the years 2014, 2015, and 2016.

(b) Prepare all entries required in 2016, applying the installment-sales method of accounting. (Ignore interest charges.)

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Accounting Basics: Installment-sales computations and entries presented below

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Accounting Basics: Installment-sales computations and entries presented below

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