Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 49)
If a business receives a credit note from a supplier, how does that affect their books?
The balance in the purchases journal is increased.
The balance in the purchases ledger is decreased.
The balance in the sales journal is decreased.
The balance in the cash book is decreased.
Explanation
Credit notes lower the amount owed.
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