Sales Sheet
by admin on Tuesday, November 17th, 2009 | No Comments
What accounts are used in installment sales & where do they fit in the chart of accounts?
I am unable to rationalize how to recored the sale from start to finish. I am trying to work this out with T accounts but I can't figure out what accounts to use. Is there 3 deferred gross profit accounts? 1 Balance sheet account: contra to A/R from installments, and 2 Income statement accounts: Unrealized gross profit and realized gross profit? What is the complete process from initial sale to last payment recieved (assuming there is a 3 year period)?
Here are the entries:
AT THE TIME OF SALE:
(Dr) Installment Contract Receivables
(Cr) Installment Sales
(Dr) Installment Sales
(Cr) Merchandise Inventory
(Cr) Deferred Gross Profit
or
(Dr) Installment Contract Receivable
(Cr) Merchandise Inventory
(Cr) Deferred Gross Profit
AT THE TIME OF COLLECTION:
(Dr) Cash
(Cr) Installment Contract Receivable
(Dr) Deferred Gross Profit
(Cr) Realized Gross Profit
AT THE TIME OF DEFAULT (assuming with repossession of merchandise):
Assuming the repossession resulted to a loss:
(Dr) Repossess Inventory (at fair value)
(Dr) Loss on repossession
(Dr) Deferred Gross Profit
(Cr) Installment Contract Receivable
Assuming the repossession resulted to a gain:
(Dr) Repossess Inventory (at fair value)
(Dr) Deferred Gross Profit
(Cr) Installment Contract Receivable
(Cr) Gain on repossession
About the financial statement presentation:
Installment Contract Receivable (balance sheet account) - is presented as a current asset. Normally, it is classified by the year it is sold due to changing gross profit rate.
Deferred Gross Profit (balance sheet account) - is presented as either as a contra - asset account or a liability account. Normally, every year, gross profit percentage is different that is why yearly gross profit is classified by indicating the year it is sold.
Realized Gross Profit (income statement account) - is presented as an income in the income statement.
For any accounting question, e-mail me at ejma_maverick@yahoo.co.u
Sales Copywriting "How To" - Fact Sheet - (Video 1, Part 2)
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