An inexperienced accountant for Stahr Company made the following errors in recor
ID: 2430768 • Letter: A
Question
An inexperienced accountant for Stahr Company made the following errors in recording merchandising transactions.
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.)
please include all answers and calculations. thank you
list of accounts:
1. A $310 refund to a customer for faulty merchandise was debited to Sales Revenue $310 and credited to Cash $310. 2. A $281 credit purchase of supplies was debited to Inventory $281 and credited to Cash $281. 3. A $150 sales discount was debited to Sales Revenue. 4. A cash payment of $41 for freight on merchandise purchases was debited to Freight-Out $410 and credited to Cash $410.Explanation / Answer
No. Account titles and explanation Debit Credit 1. Sales Returns and Allowances $310 Sales Revenue $310 2. Supplies $281 Cash $281 Accounts Payable $281 Inventory $281 3. Sales Discounts $150 Sales Revenue $150 4. Inventory $41 Cash $369 Freight-out $410