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2 years ago

The rules governing when a sale is a sale when the product is _and _; the buyer can cancel prior to that.

1 answer:

6 0

Basically, the rule of sales contract recognizes that sales is done when the product is negotiated on and paid for, and thus, the the buyer can cancel prior to that.

In the contract on sales, a sale formally becomes a sale when a party gives something to another in exchange for money.

The consideration (Premium/Sales cost) is the main factor that makes a sales contract valid and legal.

Hence, the rule of sales contract recognizes that sales is done when the product is negotiated on and paid for, and thus, the the buyer can cancel prior to that.

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Explanation:

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2 years ago

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3 years ago

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3 years ago

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3 years ago

Read 2 more answers

Gladiator USA, a tire manufacturer, guarantees its tires against defects for five years or 60,000 miles, whichever comes firs

Harrizon [31]

Answer:

DR Cash............................................$96,450

DR Notes receivable........................$546,550

CR Sales revenue...................................................$643,000

(To record sales)

DR Warranty expense .............................$32,150

CR Warranty liability.................................................$32,150

(To record Warranty Expense)

DR Warranty liability.................................$20,000

CR Cash......................................................................$20,000

(To record Warranty Claim Payments)

Explanation:

Cash = 15% * $643,000

= $96,450

Notes Receivable = 643,000 - 96,450

= $546,550

Warranty Expense = 5% x $643,000

= $32,150

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3 years ago

The rules governing when a sale is a sale when the product is _____and _____; the buyer can cancel prior to that.

The rules governing when a sale is a sale when the product is _and _; the buyer can cancel prior to that.