During a recent hockey game, Patrick broke his stick. When he goes to the sporting goods store to replace it, he considers the price of the stick as well as its quality because he wants to avoid another broken stick. As an avid hockey player, who has used multiple stick brands, Patrick has two brands he prefers over the others, so he narrows his choice down to one of those two brands. The hockey stick in this scenario is an example of a product.

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.