What should the closing balance be when the errors have been corrected?A $325,200B $350,400C $358,800D $376,800 28.13 The following payables ledger control account contains some errors. All goods are purchased on credit.PAYABLES LEDGER CONTROL ACCOUNT$963,20012,600$PurchasesDiscounts receivedOpening balancePurchases returnsCash paid to suppliers384,60017,400988,400Contras with amountsreceivable in receivables ledgerClosing balance4,200410,4001,390,4001,390,400

Ledger account refers to the principal book or a file that maintains the recording and total…

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Business

Accounting

What should the closing balance be when the errors have been corrected? A $325,200 B $350,400 C $358,800 D $376,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

What should the closing balance be when the errors have been corrected?

A $325,200

B $350,400

C $358,800

D $376,800

28.13 The following payables ledger control account contains some errors. All goods are purchased on credit.
PAYABLES LEDGER CONTROL ACCOUNT
$
963,200
12,600
$
Purchases
Discounts received
Opening balance
Purchases returns
Cash paid to suppliers
384,600
17,400
988,400
Contras with amounts
receivable in receivables ledger
Closing balance
4,200
410,400
1,390,400
1,390,400

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