Record general journal entries to correct the errors described below. Assume that the incorrect entries were posted in the same period in which the errors occurred and were recorded using the periodic inventory system. Round your answers to the nearest cent. A freight cost of $85 incurred on equipment purchased for use in the business was debited to Freight In. The issuance of a credit memo to Lang Company for $119 for merchandise returned was recorded as a debit to Purchases Returns and Allowances and a credit to Accounts Receivable, Lang Company. A cash sale of $68 to J. L. LaSalle was recorded as a sale on account. A purchase of merchandise from James Company in the amount of $750 with a 25 percent trade discount was recorded as a debit to Purchases and a credit to Accounts Payable of $750 each.
Record general journal entries to correct the errors described below. Assume that the incorrect entries were posted in the same period in which the errors occurred and were recorded using the periodic inventory system. Round your answers to the nearest cent. A freight cost of $85 incurred on equipment purchased for use in the business was debited to Freight In. The issuance of a credit memo to Lang Company for $119 for merchandise returned was recorded as a debit to Purchases Returns and Allowances and a credit to Accounts Receivable, Lang Company. A cash sale of $68 to J. L. LaSalle was recorded as a sale on account. A purchase of merchandise from James Company in the amount of $750 with a 25 percent trade discount was recorded as a debit to Purchases and a credit to Accounts Payable of $750 each.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 6E: Record general journal entries to correct the errors described below. Assume that the incorrect...
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Record general
- A freight cost of $85 incurred on equipment purchased for use in the business was debited to Freight In.
- The issuance of a credit memo to Lang Company for $119 for merchandise returned was recorded as a debit to Purchases Returns and Allowances and a credit to
Accounts Receivable , Lang Company. - A cash sale of $68 to J. L. LaSalle was recorded as a sale on account.
- A purchase of merchandise from James Company in the amount of $750 with a 25 percent trade discount was recorded as a debit to Purchases and a credit to Accounts Payable of $750 each.
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