BONE COMPANY

NO Journal Debit Credit

1 Cash $1.000
Installment Contract Receivable 2021 $9.000
Installment Sales $10.000

2 Cash $66.453
Accounts Receivable $22.500
* Installment Contract Receivable 2018 $10.000
** Installment Contract Receivable 2019 $14.286
*** Installment Contract Receivable 2020 $16.667
Installment Contract Receivable 2021 $3.000

3 TRADE IN

Amount allowed on trade-in $400

Value of merchandise
Sales Value $300
Less: Reconditioning cost -$30
Less: Gross Profit to be realized -$60 $210
OVER ALLOWANCE $190

Merchandise Trade in $210

Installment Contract Receivable 2021 $200
Over Allowance $190
Installment Sales $600

Cost of Installment Sales $350

Merchandise Inventory $350

4 REPOSSESSIONS

Merchandise Repossessions $140

Deferred Gross Profit 2019 $70
Loss on Repossessions $140
Installment Contract Receivable 2019 $350

5 Accounts Payable $20.000

Cash $20.000

6 Operating Expense $10.000

Cash $9.500
Accumulated Depreciation $500
JURNAL PENYESUAIAN

1 Income Summary $20.500

Merchandise Inventory $20.500

2 Merchandise Inventory $15.500

Income Summary $15.500

3 Cost of Installment Sales $5.160

Merchandise Shipment on Installment Sales $5.160

4 Installment Sales $10.600

Over Allowance $190
Deferred Gross Profit 2021 $5.250
Cost of Installment Sales $5.160

5 Deferred Gross Profit 2018 $2.000

Deferred Gross Profit 2019 $2.857
Deferred Gross Profit 2020 $3.333
Deferred Gross Profit 2021 $1.981
Realized Gross Profit $10.172

JURNAL PENUTUP
1 Realized Gross Profit $10.172
Income Summary $10.172

2 Income Summary $10.490

Merchandise Trade in $210
Merchandise Repossessions $140
Loss on Repossessions $140
Operating Expense $10.000