Accounting for IGCSE & O level - Accounting Procedures (Section 9 - No. 40)
Which statement best describes the purpose of a credit note?
To request payment from a customer.
To notify a customer of a debit to their account.
To record a decrease in the amount owed by a customer.
To record a purchase from a supplier.
Explanation
A credit note reduces the amount owed by the customer.
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