Orange Inc. offers a coupon for 50% off a new watch when a customer buys its...
Orange Inc. offers a coupon for 50% off a new watch when a customer buys its new oPhone. The market price for the oPhone is $600. The watch usually retails for $200, and Orange anticipates 25% of customers will use the coupon to purchase a new watch next month.
a) What is the total stand-alone selling price for:
the oPhone?
the coupon?
b) Prepare the journal to enter in Orange’s books when a customer purchases this package (one coupon with one oPhone) for $600. (Assume a cash sale; ignore the entry for cost of goods sold.)
Homework Answers
Answer :
| Date | Particulars | Debit ($) | Credit ($) |
| Cash | 600 | ||
| To Ophone | 600 | ||
| (Ophone will sold at $600) | |||
| Cash | 150 | ||
| To Watch | 150 | ||
| (To anticipate 25% discount) |
Working Note :
According to the question when Ophone is sold then 1 coupon is given to the customer of 50% and after using coupon watch will be sold at 200. In addition 25% anticipate discount also provided in next month. So watch will be sold at 150.
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Orange Inc. offers a coupon for 50% off a new watch when a
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