Gordeeva Corporation began selling goods on the installment basis on January 1, 2012.

Gordeeva Corporation began selling goods on the installment basis on January 1, 2012. During 2012, Gordeeva had installment sales of $165,000; cash collections of $61,300; cost of installment sales of $110,550.Prepare the company’s entries to record 1) installment sales, 2) cash collected, 3) cost of installment sales, 4) deferral of gross profit, and 5) gross profit recognized, using the installment-sales methodNumber account title and explanationsCreditCreditCreditCreditCredit