Credit memorandum

From CNM Wiki
Revision as of 16:04, 5 January 2019 by Gary (talk | contribs) (Related coursework)
Jump to: navigation, search

Credit memorandum is a piece of paper sent by the seller to a customer who has returned merchandise previously purchased on credit. The credit memorandum indicates to the customer that the seller is reducing the amount owed by the customer. Credit memorandum can also refer to an increase in depositor's balance.


Definitions

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

Credit memorandum. Increase in depositor's balance.
Credit memorandum. A piece of paper sent by the seller to a customer who has returned merchandise previously purchased on credit. The credit memorandum indicates to the customer that the seller is reducing the amount owed by the customer.

Related concepts

Related concepts

Related lectures