In June, woidtke, Inc.'s sales force generated $200,000 in orders. These orders were shipped in July, and the customer's payment was received in August. In September, sales commissions on these orders and sales were paid. Sales commission expense for the month of July.
What is payment?
- Customer Payment refers to the money a customer sends to a retailer or IDT in order to buy a product or fund or recharge a customer account.
- A payment is defined as the voluntary tender of money or its equivalent or of valuable things by one party to another in exchange for goods or services provided by them or to fulfill a legal obligation.
- The party making the payment is known as the payer, while the party receiving the payment is known as the payee.
- Compensate, indemnify, recompense, reimburse, remunerate, repay, and satisfy are some synonyms for pay.
- While all of these words mean "to give money or its equivalent in exchange for something," pay implies the fulfillment of an obligation.
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