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What is convergent evolution?
Accounts Receivable
Accounts receivable represent the money owed to a company by its customers for goods or services delivered but not yet paid for.
Merchandise
Goods that are purchased for resale at a profit; the main product that a retailer sells.
Sales on Account
Transactions where goods are sold and payment is deferred to a future date; this is typically tracked through accounts receivable.
Beginning Inventory
The value of a company's inventory at the start of an accounting period, before any purchases or sales have occurred.
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