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A pool cleaning service signs a contract with a new customer on May 1.The pool is vacuumed and "shocked" for the customer on June 1,and the bill for the services is paid on July 1.Under the accrual basis,the business should recognize revenue on
Credit Periods
The timeframe given by a seller to the buyer to pay for the goods or services received, usually measured in days.
Terms Of Sale
The conditions under which a sale is conducted, detailing payment terms, delivery times, warranties, and prices.
Product Perishability
Indicates how quickly a product will lose its value if not sold or consumed within a short period.
Credit Periods
The duration of time allowed by a seller for a buyer to pay for a product or service after the sale has been made, usually expressed in days.
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