Reference no: EM133058125
Question - You are carrying out a reconciliation between the balance on the trade receivables control account (which is $64,969) and the total of the list of the balances on the customers' personal accounts (which is $65, 132).
You have found the following reasons for the difference:
-A sales invoice for $320 was entered in the sales day book as $230;
-The total of the sales returns daybook was understated by $900,
-A credit note for $460 was treated as an invoice when the entries were being made in the personal ledger;
-A customer paid $1,700 in full settlement of a balance of $1,715. The discount was correctly recorded in the personal ledger, but was not entered in the control account,
-The total value of cheques received from customers was $67,908 but $67,980 was posted to the control account
-A debit balance of $20 on a customer's account was omitted
-A credit balance of $53 on a customer's account was treated as a debit balance.
Required -
Show the trade receivables control account, including any necessary correcting entries and the corrected closing balance.
Prepare a reconciliation of the total of the list of balances on the customers' personal accounts to the corrected balance on the trade receivables control account.
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