Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An inexperienced accountant for Lamont Company made the following errors in recording merchandising transactions. A $ 2 2 0 refund to a customer for faulty

An inexperienced accountant for Lamont Company made the following errors in recording merchandising transactions.
A $220 refund to a customer for faulty merchandise was debited to Sales Revenue $220 and credited to Cash $220.
A $140 sales return was debited to Sales Revenue.
A cash payment of $30 for freight on merchandise sales was debited to Inventory $300 and credited to Cash $300.
Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
No. Account Titles and Explanation
Debit
Credit
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

2. Identify conflict triggers in yourself and others

Answered: 1 week ago