An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.
Exercise 5-11
An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.
1. A $ 195 refund to a customer for faulty merchandise was debited to Sales Revenue $ 195 and credited to Cash $ 195.
2. A $ 180 credit purchase of supplies was debited to Inventory $ 180 and credited to Cash $ 180.
3. A $ 215 sales discount was debited to Sales Revenue.
4. A cash payment of $ 20 for freight on merchandise purchases was debited to Freight-Out $ 200 and credited to Cash $ 200.
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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Homework Answers
| Correcting Jounal Entries | |||
| No | Account Titles and Explanation | Debit | Credit |
| 1 | Sales Returns and allowance | 195 | |
| Sales Revenue | 195 | ||
| 2 | Supplies | 180 | |
| Cash | 180 | ||
| Account Payable | 180 | ||
| Merchandise Inventory | 180 | ||
| 3 | Sales Discount | 215 | |
| Sales Revenue | 215 | ||
| 4 | Inventory | 20 | |
| Cash | 180 | ||
| Freight -Out | 200 |
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An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.
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