“Sawyer Furniture Company concluded its first year of operations in which it made sales of $800,000, all on installment. Collections during the year from down payments and installments totaled $300,000. Purchases for the year totaled $400,000; the cost of merchandise on hand at the end of the year was $80,000.Instructions: Using the installment-sales method, make summary entries to record:a.the installment sales and cash collectionsb.the cost of installment salesc.the unrealized gross profitd.the realized gross profit.
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