Solved: What is the balance of the deferred gross profit account, Accounting Basics

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What is the balance of the deferred gross profit account

A customer's Accounts Receivable balance is $30,000 and the gross profit percentage is 20% on sales. The customer defaults and the merchandise, having a fair market value of $27,000, is repossessed.

(1) What is the balance of the Deferred Gross Profit account?

(2) Show what the Accounts Receivable and Deferred Gross Profit accounts look like.

(3) Prepare the entry for the repossession.

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Accounting Basics: What is the balance of the deferred gross profit account

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