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Why are goods likely to cost more at a store after it begins to extend credit?
Wiki User
∙ 8y ago
Extending credit introduce the risk that the creditors may default and not pay their bills. A store would offset the potential risk by incressing prices.
Wiki User
∙ 8y ago
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What are Creditors for goods?
They are the people who credit others
Why is buying goods on credit not always a good idea?
The demand for goods and services goes down
What is a Arrangement for deferred payment for goods and services?
credit
Paying at a future date for the present use of goods and services or money is what?
Credit.
When consumers get more money they tend to substitute what kind of goods for normal goods?
Consumers with more money are more likely to purchase luxury goods.
What is used by a seller of goods to receive payment or to extend credit?
Trade Acceptance
Is cost of goods sold debit or credit?
credit
What is a credit notes?
A credit note (also known as a credit memorandum or credit memo) is a document that is issued by a seller to a buyer. The credit note is used to reimburse a buyer for goods that have been returned to the seller or for goods/services that were not received by a buyer.
Do credit unions issue credit cards?
No... Credit unions are a 'savings' facility - where you make contributions to build up a sum of credit, then use that credit to pay for goods or services. They are NOT a credit agency.
What is the accounting entries when goods are bought on credit?
The journal entry is the accounting entry which lists the goods that are bought on credit.
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
A credit memorandum is prepared when?
goods that were sold on credit returned
What is the journal entry to move finished goods from Work In Process to Finished Goods Inventory?
[Debit] Finished Goods [Credit] Work in process
When is CGS recorded at credit side?
when the goods are sold , then the cost of goods sold is recorded at the credit side of the purchase ledger
If you buy goods on line with credit card and do not receive the goods will credit card company reimburse you?
Word Processing ?Word Processing ?
What is credit notes?
A credit note (also known as a credit memorandum or credit memo) is a document that is issued by a seller to a buyer. The credit note is used to reimburse a buyer for goods that have been returned to the seller or for goods/services that were not received by a buyer.
What type of balance is the finished goods account have a debit or credit?
credit bal
