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Installment-sales entries the following summarized

Question: (Installment-Sales Entries) The following summarized information relates to the installment sales activity of Phillips Stores, Inc. for the year 2014.

(a) Prepare journal entries at the end of 2014 to record on the books of Phillips Stores, Inc. the summarized data above.

(b) Prepare the entry to record the gross profit realized during 2014

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Accounting Basics: Installment-sales entries the following summarized

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