Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 12 - No. 5)
What is the difference between a credit note and a debit note?
A credit note increases the amount the customer owes, a debit note decreases it.
A credit note decreases the amount owed, a debit note increases it.
They both do the same thing, but are issued by different businesses.
A debit note is for the supplier, and a credit note is for the customer.
Explanation
A credit note reduces what the customer owes, a debit note increases what is owed.
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