The Following Information Is Available at January 1, 2015

question 49

Essay

The following information is available at January 1, 2015:
During 2015, the following transactions occurred:
Record journal entries for each of these 2015 transactions.

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Definitions:

Private

Relating to or intended for an individual or group rather than the public or the state; not governmental.

Express Warranties

Are explicit, confirmed promises made by a seller to a buyer about the condition or quality of a product or service.

Implied Warranty

a legal assumption that a product or service sold will meet certain quality and functionality standards even if not explicitly stated.

Merchantability

A guarantee that a product sold meets certain quality standards and is fit for the ordinary purposes for which such goods are used.