E6.11 (LO 2, 3) An inexperienced accountant for Zoeng Ceramics made the following errors in recording merchandising transactions. Prepare correcting entries for sales and purchases. 1.A HK$1,750 refund to a customer for faulty merchandise was debited to Sales Revenue HK$1,750 and credited to Cash HK$1,750. 2. A HKS1,400 credit purchase of supplies was debited to Inventory HKS1,400 and credited to Cash HKS1,400. 3. A HK$2, 150 sales disCount was debited to Sales Revenue. 4. A cash payment of HKS200 for freight on merchandise purchases was debited to Freight-Out HK$2,000 and credited to Cash HK$2,000. Instructions Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Omit explanations.)

E6.11 (LO 2, 3) An inexperienced accountant for Zoeng Ceramics made the following errors in recording merchandising transactions. Prepare correcting entries for sales and purchases. 1.A HK$1,750 refund to a customer for faulty merchandise was debited to Sales Revenue HK$1,750 and credited to Cash HK$1,750. 2. A HKS1,400 credit purchase of supplies was debited to Inventory HKS1,400 and credited to Cash HKS1,400. 3. A HK$2, 150 sales disCount was debited to Sales Revenue. 4. A cash payment of HKS200 for freight on merchandise purchases was debited to Freight-Out HK$2,000 and credited to Cash HK$2,000. Instructions Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Omit explanations.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 10MC: The company just took a physical count of inventory and found $75 worth of inventory was unaccounted...

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E6.11 (LO 2, 3) An inexperienced accountant for Zoeng Ceramics made the following errors in recording merchandising transactions.
Prepare corcting entries for sales and purchases.
1.A HKS1,750 refund to a customer for fauty merchandise was debited to Sales Revenue HK$1,750 and credited to Cash HK$1,750.
2. A HK$1,400 credit purchase of supplies was debited to Inventory HKS1,400 and credited to Cash HKS1,400.
3. A HK$2, 150 sales discount was debited to Sales Revenue.
4. A cash payment of HK$200 for freight on merchandise purchases was debited to Freight-Out HK$2,000 and credited to Cash HK$2,000.
Instructions
Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Omit explanations.)

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