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credit notes issued post yr end

Former userFormer user5y ago

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KimKimTutor5y ago#1
In December, Apple Co raises an invoice for $10,000: Dr Receivable/Cr Revenue In January, it cancels the invoice with a credit note: Dr Revenue/Cr Receivable If the credit note isn't accrued at 31 December: Dr Revenue/Cr Credit note accrual (which would be offset against trade receivables in SoFP), revenue will be overstated.
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