Question

define credit? Only book answer

Answer 1

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>>Credit is the trust which allows one party to provide money or resources to another party where that second party does not reimburse the first party immediately (there by generating a debt), but instead promises either to repay or return those resources (or other materials of equal value) at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people.

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Answer 2

Answer in financial accounting ... In other words, in this book credit: purchase of goods meant for ye sale are recorded.