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Open account

• Arrangement whereby sales are made with no formal debt contract. The buyer signs a receipt, and the seller records the sale in the sales ledger.

 
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 Contract
Debt
Sales
Sale
 
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Do not let yourselves be discouraged or embittered by the smallness of the success you are likely to achieve in trying to make life better. You certainly would not be able, in a single generation, to create an earthly paradise. Who could expect that? But, if you make life ever so little better, you will have done splendidly, and your lives will have been worthwhile. - Arnold Toynbee

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