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1. The document discusses 5 scenarios and determines whether they constitute credit transactions. In the first scenario, a customer paid for groceries with a check dated the same day, so it was not a credit transaction. 2. The second scenario involved a customer paying for garments with a post-dated check, so it was considered a credit transaction with futurity between the customer and store. 3. The third scenario involved a customer using a credit card to pay for groceries, making the credit transaction between the customer and the bank issuing the credit card.

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Ricky Lavilla
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475 views

Document

1. The document discusses 5 scenarios and determines whether they constitute credit transactions. In the first scenario, a customer paid for groceries with a check dated the same day, so it was not a credit transaction. 2. The second scenario involved a customer paying for garments with a post-dated check, so it was considered a credit transaction with futurity between the customer and store. 3. The third scenario involved a customer using a credit card to pay for groceries, making the credit transaction between the customer and the bank issuing the credit card.

Uploaded by

Ricky Lavilla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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RICKY H.

LAVILLA
BSBA FM III

1. On December 12, 2019 , a customer Riza Santos took Php 2,000 worth of
groceries to the cashier’s counter and paid with a current dated check (12-12-
19) , with approval of the owner. Is this a credit transaction?
 Definitely no, this is not a credit transaction because she bought and paid
groceries at the same date.

2. On December 03, 2020 , Merry Martinez took Php 3,000 worth of garments and
at the counter paid with a check date January 08, 2020 which was approved and
accepted. Is there a credit transaction here?
 Absolutely yes, there is a credit transaction because it has a futurity and
he took the garments at Dec. 03, 2020 and paid with a check date January
08, 2020.

3. On 12-12-20 , Mark Celis paid for Php 1,500 worth of groceries with a Equitable
Bank credit card. Where is the credit transaction and who are the parties to it?
 Definitely yes, he owed Php 1,500 worth of groceries at the store and paid
through Equitable Bank credit card. The creditor is Mark Celis and the
bank access money to pay the groceries.

4. On 12-14-20 , Jim Go obtained Php 2,700 worth of groceries at Citimart, to be


deducted from his next paycheck. Citimart has a salary deduction arrangement
with City Hall, where Jim works. Where is the credit transaction and who are the
parties to it?

5. Lorrie Luna asked an electrician to replace the old electrical system in her house.
The agreed cost of electrical work is Php 4,500. As payment, Lorrie told the
electrician to go to her grocery store and get Php 4,500 worth for groceries. Is
there a credit transaction here?

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