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In this lecture, the concept of a credit memorandum is defined according to fundamental accounting principles from the 22nd edition. A credit memorandum serves as a notification that the issuer has credited the recipient's account in their records. This indicates to the customer that they owe money, while the credit memorandum reduces the amount owed for specific reasons. The term "credit" refers to the right-hand side of the accounts receivable ledger related to the customer, indicating a reduction in the amount owed. An example illustrates that when a customer purchases inventory and provides an IOU, the transaction affects the accounts receivable, sales, and inventory accounts accordingly.
