Debit memorandum

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Debit memorandum is a memo issued by a purchaser to a seller, indicating that some Purchases Returns and Allowances have occurred and therefore the purchaser now owes less money on account. Debit memorandum can also be a decrease in depositor's balance.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Debit memorandum. Decrease in depositor's balance.
Debit memorandum. A memo issued by a purchaser to a seller, indicating that some Purchases Returns and Allowances have occurred and therefore the purchaser now owes less money on account.


Related concepts

Related lectures