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Prepare separate correcting entries for each error

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Reference no: EM132527950

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

1. A $220 refund to a customer for faulty merchandise was debited to Sales Revenue $220 and credited to Cash $220.

2. A $130 credit purchase of supplies was debited to Inventory $130 and credited to Cash $130.

3. A $140 sales return was debited to Sales Revenue.

4. A cash payment of $30 for freight on merchandise purchases was debited to Freight-Out $300 and credited to Cash $300.

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

Reference no: EM132527950

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