Question 1 of 7Control accounts
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A credit balance of $250 has been omitted from the list of balances extracted from the sales ledger.
A credit balance on Melody's account in a trade receivables ledger means that
Which one appears in a trade receivables control account?
During October 2015, James Limited received $335,426 through the bank from amounts recorded against trade receivables. This total included a cheque for $48 that actually related to commission received, not a receipt from a credit customer. Calculate the amount that should actually be credited to the sales ledger control account as cash received from trade receivables.
A credit customer of James Limited was granted a monthly rebate of 5% on purchases of $800. Calculate the amount of the rebate.
Which of the following is a genuine benefit of preparing a sales ledger control account and a purchases ledger control account?
The following relate to a trader's trade receivables for December 2016, when all sales and purchases were on credit: opening debit balances $15,000; sales for the month $300,000; returns inwards $6,000; amounts received from trade receivables by cheque $279,000; discounts received $2,800; discounts allowed $9,000; bad debts written off $6,000; customers' cheques dishonoured $3,000; provision for doubtful debts $2,400; returns outwards $6,000; debit balances transferred to the trade payables ledger $2,433. Calculate the closing balance of the trade receivables control account at 31 December 2016.
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