Economics · Accounting
Which of the following errors would cause a difference between the total of the individual balances in the Receivables Subsidiary Ledger and the balance in the Receivables Ledger Control Account?
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- 1A sales invoice for $500 was recorded in the Sales Day Book as $50.
- 2A payment of $200 from a customer was correctly entered in the Cash Book but was posted to the credit of the customer's individual subsidiary account as $20.✓
- 3An irrecoverable debt of $1,000 was written off by debiting Irrecoverable Debts Expense and crediting the Receivables Ledger Control Account, but no entry was made in the subsidiary ledger.
- 4A contra entry was completely omitted from both the Receivables Ledger Control Account and the Payables Ledger Control Account.
Correct answer
A payment of $200 from a customer was correctly entered in the Cash Book but was posted to the credit of the customer's individual subsidiary account as $20.
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