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What is the nature of a credit memo issued by the seller of merchandise Here is a tip A credit entry to an asset account reduces the account balance

What is the nature of (a) a credit memo issued by the seller of merchandise?

 

Here is a tip:

A credit entry to an asset account  reduces the account balance.

 

(b) a debit memo issued by the buyer of merchandise?

Here is a tip:

A debit entry to a liability  reduces the account balance.

Apr 14 2021 View more View Less

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