Exercise 5-11An inexperienced accountant for Larkspur, Inc. made thefollowing errors in recording merchandising transactions....
Exercise 5-11
An inexperienced accountant for Larkspur, Inc. made the following errors in recording merchandising transactions.
| 1. | A $310 refund to a customer for faulty merchandise was debited to Sales Revenue $310 and credited to Cash $310. | |
| 2. | A $281 credit purchase of supplies was debited to Inventory $281 and credited to Cash $281. | |
| 3. | A $150 sales discount was debited to Sales Revenue. | |
| 4. | A cash payment of $41 for freight on merchandise purchases was debited to Freight-Out $410 and credited to Cash $410. |
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.)
No. | Account Titles and Explanation | Debit | Credit |
1. | |||
2. | |||
3. | |||
4. | |||
Homework Answers
| No | Account title | Debit | Credit |
| 1 | Sales returns and allowances | $ 310 | |
| Sales Revenue | $ 310 | ||
| 2 | Cash | $ 281 | |
| Supplies | $ 281 | ||
| Inventory | $ 281 | ||
| Accounts payable | $ 281 | ||
| 3 | Sales discounts | $ 150 | |
| Sales revenues | $ 150 | ||
| 4 | Cash ($410-41) | $ 369 | |
| Inventory | $ 41 | ||
| Freight - Out | $ 410 |
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