To Get the Sale Price, Customers

question 219

Multiple Choice

To get the sale price, customers

• A) buy when they have to buy.
• B) buy when the seller wants to sell.
• C) have to buy things that they never need.
• D) have to give up all consumer surplus.
• E) buy when they have a necessity.

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Definitions:

Sales Journal

A specialized accounting journal used to record all sales of merchandise on credit.

Cash Sales

Cash sales are transactions where payment is made immediately in cash or through electronic means at the time of purchase, without extending credit.

Credit Sales

Sales made by a business where payment is delayed, as opposed to cash sales where payment is immediate.

Cash Receipts Journal

An accounting ledger that tracks all cash inflows or receipts of a business over a period.