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Suppose the federal government determines the total level of municipal sewage that can be discharged by cities along a river. If the cities are able to buy and sell rights to the total discharge level among themselves, then the government's environmental policy includes:
Credit Customer
A customer who purchases goods or services on credit, paying at a later date rather than at the time of sale.
Payment Terms
The conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due and may include cash discounts for timely payment.
Sales Tax
A tax paid to a governing body for the sales of certain goods and services, usually calculated as a percentage of the retail sale price.
General Journal
A comprehensive accounting record of all transactions made by a company, presented in chronological order.
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