Prepare separate correcting entries for each error

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An inexperienced accountant for Gulliver Company made the following errors in recording merchandising transactions. 1. A $175 refund to a customer for faulty merchandise was debited to Sales Revenue $175 and credited to Cash $175. 2. A $150 credit purchase of supplies was debited to Inventory $150 and credited to Cash $150. 3. A $215 sales discount was debited to Sales Revenue. 4. A cash payment of $20 for freight on merchandise purchases was debited to Freight-out $200 and credited to Cash $200. Prepare separate correcting entries for each error, assuming that the incorrect entry is not reversed

Reference no: EM13864962

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