Question

L 4.
RE
INSTALLMENT SALES:
Samsam Co. started installment Sales business on Jan.
1, 2014. Following information is obtained from its record:
2014
2015
Purchased merchandise on account 5,00,000 6,80,000
Sold merchandise on installment basis 10,00,000 12,00,000
Collected installments of 2014 sales 3,00,000 2,00,000
Collected installments of 2015 sales
4,00,000
Paid accounts payable
4,00,000
6,00,000
Paid operating expenses
75,000 1,00,000
Install, contract (2014) cancelled but
50.000
Merchandise could not be repossessed
Merchandise inventory (ending)
1,00,000 2,40,000
The company uses perpetual inventory system and
closes its accounts on December 31 each year.
REQUIRED: Entries for the year 2015 including
adjusting and closing entries.​

Answer 1

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