What does a receipt represent?

A receipt represents a written acknowledgment of payment, confirming that a transaction has been completed and payment has been made for goods or services. It serves as evidence for both the seller and the buyer, detailing what was purchased, the amount paid, and often the date of the transaction. This documentation is important for record-keeping, accounting purposes, and can be used to resolve any future disputes regarding the transaction.

In contrast, other options do not correctly reflect what a receipt is. For example, an invoice is a document requesting payment for goods or services to be delivered in the future, rather than acknowledging a payment that has already been made. A verbal acknowledgment of a sale lacks the permanence and detail that a written receipt provides, making it less useful for documentation. Lastly, a record of unpaid transactions refers to debts or amounts still owed rather than confirming a completed transaction, which is the essence of what a receipt entails.