When a business sells goods to a customer and the customer promises to pay later this is referred to a?
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What are promises by a customer or client to pay cash in the future?Promissory notes are a written promise to pay cash to another party on or before a specified future date. If the note receivable is due within a year, then it is treated as a current asset on the balance sheet.
Are obligations or promises to pay later for goods and services that the company has purchased on credit within a year?Definition: When a company purchases goods on credit which needs to be paid back in a short period of time, it is known as Accounts Payable.
Are held by a seller and are promises of payment from customers to sellers?Accounts receivable are held by a seller and refer to promises of payment from customers to sellers. These transactions are often called credit sales or sales on account (or on credit).
Are accounts of customers who do not pay what they have promised to pay?Accounts of customers who do not pay what they have promised to pay; an expense of selling on credit; also called uncollectible accounts. Accounts receivable held by a seller as promises of payment from customers to sellers. (Also called sales on account or sales on credit.)
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