HaroldFriezeownsEuroLighting,alightingproductsstorethatspecializesinenergyefficientandaestheti callypleasingfixtures.Saleshavegrownrapidlyduetorecentconsumerinterestinreducingenergycon sumptionforeconomicandenvironmentalreasons. Increasedsaleshavebr
melaniegrossHaroldFriezeownsEuroLighting,alightingproductsstorethatspecializesinenergyefficientandaestheti callypleasingfixtures.Saleshavegrownrapidlyduetorecentconsumerinterestinreducingenergycon sumptionforeconomicandenvironmentalreasons.
Increasedsaleshavebroughtnewchallenges.First,the"modern"stylingofthefixtureslooksgreat inthe store,butconsumersoftenfindtheyclashwithotherfixturesoncetheytakethemhome.Thishasbrought aboutahighrateofreturn.Haroldacceptsreturnsofundamagedgoodswithoriginalpackaging.
Second,manyofthefixturesarerathertechnicalandrequirecarewheninstallingthem.Customersfrequently damagethe products(andpackaging)whenattemptingtodoaninstallation.Harolddoesnotacceptsuch goodsforreturn,buthasestablishedapolicyofrefundingaportionofthepurchasepriceasan"allowance" forcustomerswho complainofsuch problems.
(a) Prepareajournalentryforeachofthefollowingscenarios.
Acustomerpurchasedalightingfixtureforcashof€350
Acustomerpurchasedalightingfixtureonaccountfor€500
Acustomerreturnedalightingfixtureforacash refundof€275 Acustomerreturnedafixtureforacreditonaccountof€600
Acomplainingcustomerreceiveda€100allowanceincash Acomplainingcustomerreceiveda€70creditonaccount
Acustomerpaidtheirbalanceonaccountof€475
(b) CalculateEuroLighting'snetsalesandgross profitbasedonthefollowinginformation,andshow howsuchinformationwouldappearontheupperportionoftheincomestatementfortheyear endingDecember31,20X3.
Grosssales,€760,000
Salesreturnsandallowances,€42,500 Costofgoodssold,€312,000
10 years ago
5
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