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Flashcards in Installment Sales Deck (2)
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1

Jpurnal entries

Installment A/R
Installment sales

Cash
Installment A/R

Installment C/S
Inventory

To close:

Installment Sales
C/S
Deferred Gross Profit

Deferred Gross Profit
Realized GP

2

Balance Sheet presentation

Installment A/R
Less: Deferred Gross Profit

DGP is a contra A/R account