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Your client operates a jewelry chain in the northeast. It has a number of way in which it generate revenue. It offers a layaway plan
Your client operates a jewelry chain in the northeast. It has a number of way in which it generate revenue. It offers a layaway plan for major purchases such as engagement rings and holiday gifts. It requires that the customer put down 25% of the purchase price and pay another 25% 60 days prior to the delivery period with the balance at delivery of the product. Another is a simple sale either by cash, store charge or credit card. Finally, the customer also has a program in which for a fixed fee the customer can use the jewelry of their choice and has the option to purchase or return the item within 30 day. Please discuss all the accounting issues and your recommendation
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