In detail please. 15.8 The following control account has been prepared by a trainee accountant:80aRECEIVABLES LEDGER CONTROL ACCOUNT24308,600154,20088,100$4Opening balanceCredit salesCash received from creditCash salescustomers148,600Interest charged on overdueContras against credit balances inpayables ledger2,4004,9002,800396,800555,500Once all the errors made in preparing the receivables ledger control account have been corrected, whataccounts4,600Irrecoverable debts written offAllowance for receivablesClosing balancenf S)(s.555,500should the closing balance be?

Note: Allowance for receivables is an provision on estimation basis for uncollectible accounts. It…

15.8 The following control account has been prepared by a trainee accountant: RECEIVABLES LEDGER CONTROL ACCOUNT 274 2$ 196 Opening balance Credit sales Cash sales Contras against credit balances in payables ledger 2$ 308,600 154,200 88,100 Cash received from credit customers 148,600 Interest charged on overdue accounts Irrecoverable debts written off Allowance for receivables 2,400 4,900 2,800 396,800 555,500 Once all the errors made in preparing the receivables ledger control account have been corrected, what 4,600 Closing balance 555,500 should the closing balance be?

15.8 The following control account has been prepared by a trainee accountant: RECEIVABLES LEDGER CONTROL ACCOUNT 274 2$ 196 Opening balance Credit sales Cash sales Contras against credit balances in payables ledger 2$ 308,600 154,200 88,100 Cash received from credit customers 148,600 Interest charged on overdue accounts Irrecoverable debts written off Allowance for receivables 2,400 4,900 2,800 396,800 555,500 Once all the errors made in preparing the receivables ledger control account have been corrected, what 4,600 Closing balance 555,500 should the closing balance be?

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter11: The Billing/accounts Receivable/cash receipts (b/ar/cr) Process

Section: Chapter Questions

Problem 4DQ

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SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
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4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.