For example: -10234.35
No other characters, including commas, are accepted.
Which one of the following could be the reason for this difference?
All items relate to credit purchases.
What should be the closing balance on the payables’ ledger control account when all the errors are corrected?
Receivables at 1 January 20X9 $9,000
Receivables at 31 December 20X9 $12,000
Total receipts during 20X9 (including cash sales of $5,000) $75,000
What is the figure for sales on credit during 20X9?
What effect will this have on the receivables’ ledger control account?
1. Increase in allowance for receivables
3. Cash received from customers
4. Credits for goods returned by customers
5. Irrecoverable debts written off
6. Cash refunds to customers
PAYABLES LEDGER CONTROL ACCOUNT
Opening balance (amounts
owed to suppliers)
Contras against debit
Cash paid to suppliers
balances in receivables ledger
Refunds received from suppliers
All items relate to credit purchases.What should the closing balance be when all the errors are corrected?
Which of the following would correct these errors?
B. Customer Y pays cash of $2,850 for invoices with face values of $3,000. They took advantage of discounts totalling $150 for early payment, however Z Ltd had not expected Customer Y to take up the discounts.
Which of the following entries correctly record these transactions?