ChalaCorporation,whichbeganbusinessin2019appropriately,usestheinstallment salesmethodofaccountingforitsinstallmentsales.Thefollowingdatawereobtained forsalesduring2019and2020: 2019 2020 Kshs Kshs Installmentsales 360,000 350,000 Costofinstallmentsales 2

ChalaCorporation,whichbeganbusinessin2019appropriately,usestheinstallment
salesmethodofaccountingforitsinstallmentsales.Thefollowingdatawereobtained
forsalesduring2019and2020: 2019 2020
Kshs Kshs
Installmentsales 360,000 350,000
Costofinstallmentsales 234,000 245,000
Cashcollectionsoninstallmentsalesduring:
2019 150,000 100,000
2020 - 120,000Required:
Preparesummaryjournalentriesfor2019and2020toaccountfortheinstallmentsalesand
cash
collections.Thecompanyusesperpetualinventorysystem.

Expert Solution

ekkarill92 answered 2 years ago

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