Difference between credit sales and credit purchases?

Answer 1

credit sales are sales you have made on credit, so they still owe you the money for that item. credit purchases are things you have purchased from your suppliers on credit and therefore you owe the money for

Answer 2

Credit sales refer to transactions where a business sells goods or services to a customer on credit, allowing the customer to pay at a later date. Credit purchases, on the other hand, involve a business purchasing goods or services on credit from a supplier, with the business agreeing to pay at a later date. In credit sales, the business is the seller extending credit to the customer, while in credit purchases, the business is the buyer receiving credit from the supplier.

Answer 3

Oh, dude, it's like this - credit sales are when a business sells goods or services to a customer on credit, meaning the customer pays later. Credit purchases, on the other hand, are when a business buys goods or services on credit from a supplier, meaning the business pays later. So, like, one involves selling stuff and the other involves buying stuff on credit. Easy peasy!