If the buyer
returns the product, the seller usually issues a credit memo for the same or
lower amount than the invoice, and then refunds the money to the buyer, or the
buyer can apply that credit memo to another invoice.
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Contra Entry :- If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry...
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This is the basic concept of accounting. According to this concept, every financial transaction involves a two-folded aspect, (a)yielding ... -
Let us see, the affect on debit and credit, when there is an increase or decrease in assets or liabilities... From the above pic...
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