QUESTION ONE Smiling Incorporated has a financial year-end of 31 August 2022 [65] Additional notes 1. Management is serious about customer service and Smiling Incorporated has a reputation of prioritising their product quality system. Clients are allowed to return any defective items within 30 days of purchase provided that the items are returned in its original packaging, accompanied by proof of purchase. Mr. Grin, a standing customer, purchased goods of R1 400 which he was not entire satisfied with, and returned it within 30 days. The cost of the goods returned amounted to R1 000. 2. The municipality emailed the electricity account amounting to R2 300 on 4 September 2022. 3. While reviewing the financial records during your preparation of the financial statements your supplier reconciliations confirmed that discount received of R2100 was incorrectly posted to the discount allowed account