When the Buyer Refuses to Accept Delivery of the Goods

question 15

Multiple Choice

When the buyer refuses to accept delivery of the goods the seller may:

• A) manhandle the buyer for rejection.
• B) wait for the buyer to receive the goods.
• C) destroy the goods and sue the buyer.
• D) sue to recover the sales price.

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Definitions:

Dividends

Payments made by a corporation to its shareholder members, typically out of its profits.

Accounts Payable

Accounts Payable is a liability account on a company's balance sheet representing money owed to suppliers or creditors for goods and services received but not yet paid for.

Trial Balance

A bookkeeping report that lists the balances of all ledgers accounts to check that debits equal credits in the double-entry accounting system.

Debits

Debits refer to an accounting entry that results in either an increase in assets or expenses or a decrease in liabilities or equity on a company's balance sheet.