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Prepare separate correcting entries for each error

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Reference no: EM132525286

Question - An inexperienced accountant for Leyland Company made the following errors in recording merchandising transactions.

A £225 refund to a customer for faulty merchandise was debited to Sales Revenue £225 and credited to Cash $225.

A £480 credit purchase of supplies was debited to Inventory £480 and credited to Cash £480.

A £160 sales return was debited to Sales Revenue and credited to Accounts Receivable.

A cash payment of £50 for freight on merchandise purchases was debited to Freight-Out £500 and credited to Cash £500.

Required - Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed.

Reference no: EM132525286

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