Accounting · Control Accounts
The following control account has been prepared by a trainee accountant: RECEIVABLES LEDGER CONTROL ACCOUNT Opening balance: $308,600 (Debit) Credit sales: $154,200 (Debit) Cash sales: $88,100 (Debit) Contras against credit balances in payables ledger: $4,600 (Debit) Cash received: $148,600 (Credit) Interest charged on overdue accounts: $2,400 (Credit) Irrecoverable debts: $4,900 (Credit) Allowance for receivables: $2,800 (Credit) Closing balance: $396,800 (Credit) What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$307,100✓
- 2$309,500
- 3$304,300
- 4$395,200
Correct answer
$307,100
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