Question

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.)


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Answer #1
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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