Answer:
Letter of credit
Explanation:
A letter of credit is a written guarantee from a buyer's bank to the seller, assuring them of payments from the buyer. Should the buyer fail to honor the payments, the bank commits itself to pay. The letter of credit guarantees the seller that upon meeting some pre- defined conditions, the bank would release to them a specified amount, in the stated currency.
Letters of credit are most suited for international trade. The nature of foreign trade is that buyers and sellers do not know each other and operate under different laws. A letter of credit assures each party that the other will fulfill their obligation. The issuing bank will charge for providing the letter of credit services.
I guess both the same pay,
cause the university tallies the amount of work to both of them
Idk idk idk idk idk idk im sorry btw its just for the starting thing
Answer: Debit Notes Receivable 7,800
Sales(to record sales) 7,800
Explanation:
When a customer signs a promissory note in exchange for commodity then the entry to record sales is recorded by debiting notes receivable.
here, sales = $7,800 = Debit Notes Receivable
The entry to record the sales transaction would be
Debit Notes Receivable 7,800
Sales(to record sales) 7,800