Pat Jones is a college student who is planning some networking opportunities for the current semester.  Pat wanted to look professional for these events and felt a new suit would be a real benefit; however, the cost for the first event ended up being $75 which was a strain on the budget.  Pat did not want to attend the remaining three events in the same outfit, so a new strategy was developed.  Instead of paying for new suits in cash, Pat decided to charge the suits on a credit card, wear them to the events, and then return them the next day for full credit.  

1. Do you feel Pat's new strategy is ethical?  Why or why not?  Could there be any consequences with this strategy?

2. How will this new strategy impact the company/companies where the suits are purchased?

3. What journal entry/entries would the company have to record related to the return of the suit?