Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 33 - No. 17)
What is the typical role of a credit note in a sales returns transaction?
To initiate the return of goods.
To document the original sales transaction.
To authorize the reduction of the customer's account balance.
To record the cash payment for the returned goods.
Explanation
A credit note ensures accounts receivable accurately reflect the returned goods and the money owed.
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