Posted: January 24th, 2021

An inexperienced accountant for huang company made the following

An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.

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1.   A $302 refund to a customer for faulty merchandise was debited to Sales Revenue $302 and credited to Cash $302.
2.   A $220 credit purchase of supplies was debited to Inventory $220 and credited to Cash $220.
3.   A $204 sales discount was debited to Sales Revenue.
4.   A cash payment of $67 for freight on merchandise purchases was debited to Freight-Out $670 and credited to Cash $670.

Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

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