Final answer:
In accounting and business transactions, 'Gil's Furniture bought and sold' refers to the buying and selling of assets by Gil's Furniture. This is a common practice for businesses to generate revenue and manage inventory.
Step-by-step explanation:
In the context of accounting and business transactions, the phrase 'Gil's Furniture bought and sold' refers to the buying and selling of assets by Gil's Furniture. It suggests that Gil's Furniture engages in the purchase and sale of furniture items or other assets as part of its business operations.
For example, Gil's Furniture may buy furniture from suppliers or manufacturers to add to its inventory and then sell it to customers. Additionally, Gil's Furniture may also sell its existing furniture or other assets that are no longer needed or are outdated.
This type of buying and selling activity is a common practice in the business world, where companies acquire assets to generate revenue and may sell them to manage inventory, generate cash inflows, or make room for new products.