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Unformatted text preview: such problems. (a) Prepare a journal entry for each of the following scenarios. A customer purchased a lighting fixture for cash of €350. A customer purchased a lighting fixture on account for €500. A customer returned a lighting fixture for a cash refund of €275. A customer returned a fixture for a credit on account of €600. A complaining customer received a €100 allowance in cash. A complaining customer received a €70 credit on account. A customer paid their balance on account of €475. (b) Calculate Euro Lighting's net sales and gross profit based on the following information, and show how such information would appear on the upper portion of the income statement for the year ending December 31, 20X3. Gross sales, €760,000 Sales returns and allowances, €42,500 Cost of goods sold, €312,000...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11