Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: 4 B Company made the following errors in recording merchandising transactions. This is due to an inexperienced accountant. 1. A cash payment of OMR

image text in transcribed
Question: 4 B Company made the following errors in recording merchandising transactions. This is due to an inexperienced accountant. 1. A cash payment of OMR 20 for freight on merchandise purchases was debited to Freight- out OMR 200 and credited to Cash OMR 200 2. A OMR 195 refund to a customer for faulty merchandise was debited to Sales Revenue OMR 195 and credited to Cash OMR 195. 3. A OMR 215 sales discount was debited to Sales Revenue. 4. A OMR 180 credit purchase of supplies was debited to Inventory OMR 180 and credited to Cash OMR 180 Instructions: Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. Solution: Date Account name Dr Cr

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

Recommended Textbook for

Sound Investing Uncover Fraud And Protect Your Portfolio

Authors: Kate Mooney

1st Edition

0071481826, 9780071481823

More Books

Students also viewed these Accounting questions