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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You are the accounts assistant in a small company called Autonomy Ltd. The company had the following transactions during June 2021: | Credit sales Receipts from trade receivables Discounts allowed |Sales returns Bad debts written off Contras between sales and purchase ledgers Balance of trade receivables at 1 June 2021 26,595 23,250 650 1,525 1,650 1,000 6,950 Required: a) Construct the sales ledger control account of Autonomy Ltd from the above details. Show clearly the balance carried down at 30 June 2021. b) Explain the purpose of a sales ledger control account.
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Which of the following is most likely to be detected by an auditor's review of an entity's sales cutoff? Multiple Choice lapping of year-end accounts receivable unrecorded sales for the year excessive sales discounts unauthorized goods returned for credit 3 Multiple Choice Which of the following is most likely to be detected by an auditor's review of an entity's sales cutoff? C lapping of year-end accounts receivable unrecorded sales for the year excessive sales discounts unauthorized goods returned for credit
On December 15, Lee Corp requested credit for $500 of defective merchandise included in their December 9 purchase. We granted them an allowance and they disposed of the defective merchandise at our request.
Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. V Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit Credit