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AAA Big Store is a regional retailer of toys and games. The average cost of goods sold is 45% of average selling price. The AAA Big Store has decided to offer it's customers the lay-a-way option to pay for purchases. The new program has the following key points. When a customer places the goods on lay-a-way they sign a six month contract and pay 10% of the selling price. Over the next six months they make payments on the remaining 90% of the lay-a-way amount. The dollar amount of each payment is determined by the customer. When the goods are paid in total the customer takes the goods home. If the customer changes their mind and cancels the contract or if at the end of six months the product is not totally paid the company sends the customer a check for 95% of the payments made and keeps 5% as a service fee.
1. Prepare sample accounting journal entries for each step of the lay-a-way plan. Add any accounts to the company's chart of account that are needed. State if the added account(s) are assets, liabilities, revenue, expense, ect.
2. According to GAAP which accounting period(s) should the income and expenses be reported? Why? As normal use accounting terms in your explanation.
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