Mark,a Power Tool Salesman,promises Jill,a Customer,that the Turbo Power Hedge

question 10

True/False

Mark,a power tool salesman,promises Jill,a customer,that the Turbo Power Hedge Trimmer 1000 will easily cut through bamboo up to 3 inches thick.Mark's statement constitutes an express warranty if Jill purchases the hedge trimmer.

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Definitions:

Income Summary

Income summary is an account where revenues and expenses are accumulated to calculate net income or loss for a specific period before transferring to the capital account.

Temporary Account

An account used to accumulate transaction information during a single accounting period, which is then transferred to permanent accounts.

Withdrawals

Amounts of money taken out from a business by the owner(s) for personal use, not considered a business expense.

Fees Earned

Revenue generated from services provided or work completed during a specific period.