Exercise 10 Harold Frieze owns Euro Lighting, a lighting products store that specializes in energy efficient and aesthetically pleasing fixtures. Sales have grown rapidly due to recent consumer interest in reducing energy consumption for economic and environmental reasons. Increased sales have brought new challenges. First, the "modern" styling of the fixtures looks great in the store, but consumers often find they clash with other fixtures once they take them home. This has brought about a high rate of return. Harold accepts returns of undamaged goods with original packaging. Second, many of the fixtures are rather technical and require care when installing. Customers frequently damage the products (and packaging) when attempting to do an installation. Harold does not accept such goods for return, but has established a policy of refunding a portion of the purchase price as an "allowance" for customers who complain of 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