Answer :
Final answer:
A credit memorandum results in a decrease in a customer's accounts receivable file, helping to adjust balances for returns or overpayments.
Explanation:
A credit memorandum results in a decrease in a customer's accounts receivable file. It is essentially a document issued to decrease the amount owed by a customer due to returns, overpayments, or other adjustments.
For example, if a customer returns a product, a credit memorandum would reduce the customer's accounts receivable balance by the value of the returned item.
Understanding debits and credits is essential in accounting to ensure accurate financial recording and maintain balance in the accounting system.
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