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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34-Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic inventory system. The Business purchase merchandise on Credit from Nizwa Industries for OMR 25,000. But it has been posted to Credit side of Nizwa Industries as OMR 52,000 but purchase account was posted correctly by the accountant. Which of the following rectification entry is Correct? a. Debit Purchase OMR 27,000 Credit Nizwa Industries OMR 27,000 b. Credit Nizwa Industries with OMR 27000 c. Debit Nizwa Industries OMR 27,000 Credit Purchase OMR 27,000 d. Debit Nizwa Industries with OMR 27000
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