A debit memorandum (issued by the buyer) indicates that the amount owed from a previous purchase is
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A debit memorandum (issued by the buyer) indicates that the amount owed from a previous purchase is being reduced because some goods were defective or not up to a specific standard and thus were returned or an allowance requested. On receiving the debit memorandum, the seller will issue a credit memorandum.
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Related Book For 
College Accounting A Practical Approach Chapters 1-26
ISBN: 9780130911421
8th Edition
Authors: Jeffrey Slater
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