Common transactions in the sales/collection process include:
A)Selling goods on credit.
B)Receiving cash on account.
C)Both selling goods on credit and receiving cash on account.
D)Neither selling goods on credit nor receiving cash on account.

Question

Quizplus · Accepted Answer

Both selling goods on credit and receiving cash on account are common transactions in the sales/collection process. Selling goods on credit means that the customer will pay for the goods at a later date, while receiving cash on account means that the customer is paying for the goods they have purchased immediately, but only partially, with the remainder of the balance being paid off at a later date.

Common Transactions in the Sales/collection Process Include