Bookkeeping

Credit Memo How It Works And Why It Matters In Business

Credit memos are important for correcting billing mistakes, reflecting discounts, and providing proof of credit to customers. You’ve just received best 30 laptop exchange in las vegas, nv with reviews a return from one of your loyal customers, and they’re asking for a credit memo. Credit notes can also be used to cancel part or …

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8 2 Under- or Over-Applied Overhead Financial and Managerial Accounting

A debit balance in manufacturing overhead shows either that not enough overhead was applied to the individual jobs or overhead was underapplied. If, at the end of the term, there is a credit balance in manufacturing overhead, more overhead was applied to jobs than was actually incurred. This journal entry is the opposite of the …

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