10457 ACCOUNT NO. 4210 - INSTALLMENT CONTRACTS PAYABLE
(Revised 9/90)
Normal Balance: Credit
Purpose: This account shows the long-term liability applicable to the principal installment purchase contracts. As claims are filed for payment of installments, the account balance is reduced by the amount of the payment applicable to the principal, excluding any interest, maintenance or other operating costs.
Subsidiaries: File of installment purchase contracts.
Normal Entries:
| Entry No. |
Debits |
Entry No. |
Credits |
| 23. Claims are filed for payments on installment purchase contracts. |
22. Installment purchase contract is executed. |
