For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
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Definitions:
Warranty Rights
The entitlements a buyer has under a warranty, including repair, replacement, or refund for products that fail to meet the specified standards.
Privity
The direct relationship between parties to a contract, conferring rights and obligations.
Warranties
Legal guarantees provided by the seller regarding the quality or performance of a product or service.
Implied Warranty
An implied warranty is a legal term for the assurances that are not explicitly stated but that the law infers that goods are fit for their intended purpose.
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