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There is an equitable principle that when a landlord retakes a property for failure to pay rent prior to the end of the lease term, the tenant can pay the arrears and apply in the court to have the lease reinstated. This is known as
Deferred Revenue
Income received in advance for products or services which is recorded as a liability until it is earned.
Sales Returns
Transactions where customers return previously purchased merchandise, leading to a reversal of revenue previously recognized.
Purchase Discount
A reduction in the purchase price, offered by the seller to the buyer, as an incentive for early payment.
Terms 2/10 n/30
Payment terms indicating a 2% discount if paid within 10 days, otherwise the full amount is due within 30 days.
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