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On July 3, 2019, Quikk-Mart received a shipment of T-shirts from Killers and Kings Clothing for an event. The invoice amounted to $9,440 and was recorded in the accounting system as an amount owing. Soon after the delivery was made, the marketing manager discovered that the logo was printed incorrectly. The goods were returned to Killers and Kings Clothing on July 22. The company uses a perpetual inventory system.
Problem 1: Prepare the journal entry to record the return for Quikk-Mart on July 22.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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