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Newton Co. had installment sales of $1,000,000 and cost of installment sales of $750,000 in 2014. A 2014 sale resulted in a default in 2016, at which time the balance of the installment receivable was $36,000. The repossessed merchandise had a fair value of $21,000.
Instructions
(a) Calculate the rate of gross profit on 2014 installment sales.
(b) Make the entry to record the repossession.
Postage Expense
The cost incurred by a business for sending mail, packages, or parcels through the postal service or courier companies.
Petty Cash Fund
A small amount of cash on hand used for covering minor expenses, managed through a system of vouchers to maintain control.
Depositor's Bank Account
An account maintained by an individual at a bank in which they can deposit or withdraw funds.
Bank Fee
Charges imposed by banks for various services or as penalties for not meeting certain banking requirements.
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