HENNY FAUSTA – 2201750295 – LE53

GSLC FINANCIAL ACCOUNTING II – INSTALLMENT SALES

Berikut ini adalah jawaban saya untuk tugas kasus Installment Sales :

Recognition of profit in period of sales

Nov 1, 2010 Receivables 100.000.000

Real Estate 60.000.000
Gain on Sale 40.000.000

Nov 1, 2010 Cash 20.000.000

Mortgage Payable 80.000.000
Receivables 100.000.000

Nov 1, 2010 Selling Expense 4.000.000

Cash 4.000.000

Dec 31, 2010 Accrued Interest 1.866.667

Interest Revenue 1.866.667

Dec 31, 2010 Gain on Sale 40.000.000

Interest Revenue 1.866.667
Selling Expense 4.000.000
Income Summary 37.866.667

Jan 01,2011 Interest Revenue 1.866.667

Acrrued Interest 1.866.667

Mar 01,2011 Cash 11.733.333

Mortgage Payable 8.000.000
Interest Revenue 3.733.333

July 01,2011 Cash 11.360.000

Mortgage Payable 8.000.000
Interest Revenue 3.360.000

Nov 01,2011 Cash 10.986.667

Mortgage Notes 8.000.000
Interest Revenue 2.986.667
Dec 31, 2011 Accrued Interest 1.306.667
Interest Revenue 1.306.667

Dec 31, 2011 Interest Revenue 9.520.000

Income Summary 9.520.000

Recognition of profit periodically to collections

Nov 01, 2010 Receivables 100.000.000

Real Estate 60.000.000
Deferred Gross Profit 40.000.000

Nov 01, 2010 Cash 20.000.000

Mortagage Notes 80.000.000
Receivables 100.000.000

Nov 01, 2010 Selling Expenses 4.000.000

Cash 4.000.000

Dec 31, 2010 Accrued Interest 1.866.667

Interest Revenue 1.886.667
Deferred Gross Profit 8.000.000
Realized Gross Profit 8.000.000

Dec 31, 2010 Realized Gross Profit 8.000.000

Interest Revenue 1.866.667
Selling Expenses 4.000.000
Income Summary 5.866.667

Jan 01, 2011 Interest Revenue 1.866.667

Accrued Interest 1.866.667

Mar 01, 2011 Cash 11.733.333

Mortgage Notes 8.000.000
Interest Revenue 3.733.333

July 01, 2011 Cash 11.360.000

Mortgage Notes 8.000.000
Interest Revenue 3.600.000
Dec 31, 2011 Accrued Interest 1.306.667
Interest Revenue 1.306.667
Deferred Gross Profit 3.200.000
Realized Gross Profit 3.200.000

Dec 31, 2011 Realized Gross Profit 3.200.000

Interest Revenue 9.520.000
Income Summary 12.720.000