rrent Attempt in Progress an inexperienced accountant for Cheyenne Ceramics made the following errors in recording merchandising transactions. A HK$1,580 refund to a customer for faulty merchandise was debited to Sales Revenue HK$1,580 and credited to Cash HK$1.580. 1. 2. A HK$1,440 credit purchase of supplies was debited to Inventory HK$1.440 and credited to Cash HK$1,440. 3. A HK$2,900 sales discount was debited to Sales Revenue. A cash payment of HK$350 for freight on merchandise purchases was debited to Freight-Out HK$2.210 and credited to Cash HK$2,210. 4. repare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Credit account titles are utomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ccount titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit
rrent Attempt in Progress an inexperienced accountant for Cheyenne Ceramics made the following errors in recording merchandising transactions. A HK$1,580 refund to a customer for faulty merchandise was debited to Sales Revenue HK$1,580 and credited to Cash HK$1.580. 1. 2. A HK$1,440 credit purchase of supplies was debited to Inventory HK$1.440 and credited to Cash HK$1,440. 3. A HK$2,900 sales discount was debited to Sales Revenue. A cash payment of HK$350 for freight on merchandise purchases was debited to Freight-Out HK$2.210 and credited to Cash HK$2,210. 4. repare separate correcting entries for each error, assuming that the incorrect entry is not reversed. (Credit account titles are utomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the ccount titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:View Policies
Current Attempt in Progress
An inexperienced accountant for Cheyenne Ceramics made the following errors in recording merchandising transactions.
A HK$1,580 refund to a customer for faulty merchandise was debited to Sales Revenue HK$1,580 and credited to Cash
HK$1,580.
1.
2.
A HK$1.440 credit purchase of supplies was debited to Inventory HK$1,440 and credited to Cash HK$1,440.
3.
A HK$2,900 sales discount was debited to Sales Revenue.
A cash payment of HK$350 for freight on merchandise purchases was debited to Freight-Out HK$2,210 and credited to Cash
HK$2,210.
4.
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. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
No. Account Titles and Explanation
Debit
Credit
1.
...
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