Ms Williams operates as a sole trader. Currently, she has a receivables ledger control account balance of $344,240 and a receivables ledger balance of $352,268. The following have been found: 1. Contra item of $3,000 has not been entered in the receivables ledger control account. 2. Cheque from customer of $1,110 has been dishonoured The correct double entry has been recorded, but the accounts have not been updated. 3. A payment of $644 from a customer has incorrectly been entered in the accounts receivables ledger as $466. 4. Discounts allowed of $240 have not been entered in the control account. 5. Cash received of $1,600 has been debited to the customer's account in the accounts receivable ledger. 6. Total credit sales of $9,000 to an accountancy firm, Watkins have been posted correctly to the ledger account but not recorded in the control account. Correct the receivables ledger account and carry out a reconciliation of the Receivables Ledger.

Ms Williams operates as a sole trader. Currently, she has a receivables ledger control account balance of $344,240 and a receivables ledger balance of $352,268. The following have been found: 1. Contra item of $3,000 has not been entered in the receivables ledger control account. 2. Cheque from customer of $1,110 has been dishonoured The correct double entry has been recorded, but the accounts have not been updated. 3. A payment of $644 from a customer has incorrectly been entered in the accounts receivables ledger as $466. 4. Discounts allowed of $240 have not been entered in the control account. 5. Cash received of $1,600 has been debited to the customer's account in the accounts receivable ledger. 6. Total credit sales of $9,000 to an accountancy firm, Watkins have been posted correctly to the ledger account but not recorded in the control account. Correct the receivables ledger account and carry out a reconciliation of the Receivables Ledger.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8Q: Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000...

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