2024 – An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions 1

An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions. – 2024

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

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.)

No.	Account Titles and Explanation	Debit	Credit
1.
				$	$:	:		$
					$
:					$
					$
					$
				$																																																												[removed]

 

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