What is the typical payment procedure for established customers where the goods are delivered and the customer is billed on an end-of-the-month basis.

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An open account transaction is a sale where the goods are shipped and delivered before payment is due, which is typically in agreement with the terms. In this case, billing at the end of the month for established customers is a common practice under open account terms, allowing customers to pay after receiving the goods.

What Is the Typical Payment Procedure for Established Customers Where