Chapter 5, Problem 6DQ

(a)

To determine

Invoice: It refers to a commercial document that is noted to record the purchase and sales transactions of goods and services between a buyer and a seller. It specifies the credit terms, quantities of goods, its price, mode pf payment, date of transactions occurred.

To explain: the nature of a credit memo issued by the seller of merchandise.

(b)

To determine

To explain: the nature of a debit memo issued by the buyer of merchandise.