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Brilliant_brown [7]
2 years ago
10

A warranty in which the seller warrants that he or she has valid title to the goods he or she is selling and that the transfer o

f title is rightful is known as a warranty ________. of good title of no interference of no security interests against infringements
Business
1 answer:
balandron [24]2 years ago
5 0

Answer:

of good title.

Explanation:

A good can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a good are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.

A warranty can be defined as a written promise or guarantee made by a manufacturer, lessor or seller about the identity or quality of goods and services or a property to a purchaser, promising him or her to repair or replace it if necessary within a specified time frame.

Hence, a warranty in which the seller of a good or service warrants that he or she has valid title to the goods he or she is selling and that the transfer of title is rightful is known as a warranty of good title.

A legal title can be defined as the actual (absolute) ownership of a property that is recognized and enforceable in a court of competent jurisdiction.

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X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. Th
nataly862011 [7]

Answer:

Debit Cost of Goods Sold $500

Explanation:

When inventory is purchased, debit inventory and credit cash or accounts payable. When inventory is sold, credit inventory (with the cost of inventory sold) and debit cost of goods sold(p/l).

Further more, sales is recognized by crediting sales account and debiting cash or accounts receivables.

As such, if original cost of the merchandise to X-Mart was $500, entries required would include a credit to merchandise inventory $500 and Debit Cost of Goods Sold $500.

5 0
3 years ago
Read 2 more answers
A company issues $100,000 of 5%, 10-year bonds dated january 1. The bonds pay interest semiannually on june 30 and december 31 e
Gnesinka [82]

Assuming  the bonds are sold at par value, the issuer will records the sale with a debit to: Cash $100,000.

<h3>Journal entry</h3>

Based on the information given if the company issues the amount of  $100,000 of 5%, 10-year bonds dated january 1 the appropriate journal entry to record this transaction is:

Debit Cash $100,000

Credit Bond payable $100,000

(To record bonds sold at par value)

Inconclusion the issuer will records the sale with a debit to: Cash $100,000.

Learn more about journal entry here:brainly.com/question/14279491

5 0
1 year ago
Which of the following is not a common type of hazardous mechanical motion?
vodka [1.7K]

Answer:

option c is your answer!

3 0
2 years ago
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The accounting records of Bramble Corp. show the following data. Beginning inventory 2,830 units at $8 Purchases 8,110 units at
djyliett [7]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Beginning inventory 2,830 units at $8

Purchases 8,110 units at $10

Sales 9,418 units at $13

Average cost= (8 + 10)/2=9

FIFO (first-in, first-out)

COGS= 2,830*8 + 6,588*10= $88,520

LIFO (last-in, first-out)

COGS= 8,110*10 + 1,308*8= $91,564

Average cost method:

COGS= 9,418*9= $84,762

7 0
2 years ago
Poor business management is a cause of many small-business failures.<br><br>​
MAXImum [283]

Answer:

True....its very very true..

6 0
2 years ago
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