Most products come with some guarantee of quality. This type of warranty states that a defective product can be fixed or replaced during a reasonable amount of time.
Linda paid $38 for a jacket that was on sale for 25% of the original price. What was the original price of the jacket?
A customer purchased merchandise on account for $3,000 which cost the company $2,000. What would be the journal entry that the company would record on their books for the merchandise?
Debit Accounts Receivable $3,000 Credit Sales Revenue $3,000 Debit Cost of Goods Sold $2,000 Credit Inventory $2,000