An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions. 1. A $195

Question:

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.

Instructions
Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Omit explanations.)

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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