Examlex
At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. These customer advances represent:
Accounting Equation
The fundamental equation representing the relationship between assets, liabilities, and equity (Assets = Liabilities + Equity) in accounting.
Promissory Note
A financial instrument in which one party promises in writing to pay a determinate sum of money to the other.
Monthly Installment
A fixed payment made every month over a set period to repay a debt.
Accounting Equation
The fundamental formula in accounting that represents the relationship between an entity's assets, liabilities, and equity (Assets = Liabilities + Equity).
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