Control account reconciliations
250
KAPLAN PUBLISHING
4
Cash received of $800 has been debited to the individual
customer’s account in the accounts receivable ledger.
5
Total credit sales of $4,500 to a large accountancy firm, Close &
Counter have been posted correctly to the ledger account but not
recorded in the control account.
Correct the receivables’ ledger control account and reconcile this
to the sum total of the individual accounts in the accounts
receivable ledger.
Test your understanding 4
Tonga received a statement from a supplier, Cook, showing a balance of
$14,810. Tonga’s Payables’ ledger shows a balance due to Cook of
$10,000. Investigation reveals the following:
1
Cash paid to Cook of $4,080 has not been recorded by Cook.
2
Tonga’s recorded the fact that a $40 cash discount was not
allowed by Cook, but forgot to record this in the payables’ ledger.
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