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ChalaCorporation,whichbeganbusinessin2019appropriately,usestheinstallment salesmethodofaccountingforitsinstallmentsales.Thefollowingdatawereobtained forsalesduring2019and2020: 2019 2020 Kshs Kshs Installmentsales 360,000 350,000 Costofinstallmentsales 234,000 245,000 Cashcollectionsoninstallmentsalesduring: 2019...

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Accounting

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.

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