The following control account has been prepared by a trainee accountant. Receivables ledger control account $ $
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Question:
The following control account has been prepared by a trainee accountant.
Receivables ledger control account
$ | $ | ||
Opening balance | 308,600 | Cash received from credit customers | 147,200 |
Credit sales | 154,200 | Discounts allowed to credit customers | 1,400 |
Cash sales | 88,100 | Interest charged on overdue accounts | 2,400 |
Contras against credit balances in payables ledger | 4,600 | Irrecoverable debts written off | 4,900 |
Allowance for receivables | 2,800 | ||
Closing balance | 396,800 | ||
555,500 | 555,500 |
What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?
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