At 31 October the balance on the payables control account in Angelo's general ledger is $79,850...

 

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At 31 October the balance on the payables control account in Angelo's general ledger is $79,850 and the total of the list of balances on the personal accounts is $79,310. Angelo has discovered that the difference is because a payment for $60 was entered correctly in the day book but was recorded as $600 on the supplier's account. Required: Calculate the correct value of creditors to be reported on Angelo's statement of financial position at 31 October. At 31 October the balance on the payables control account in Angelo's general ledger is $79,850 and the total of the list of balances on the personal accounts is $79,310. Angelo has discovered that the difference is because a payment for $60 was entered correctly in the day book but was recorded as $600 on the supplier's account. Required: Calculate the correct value of creditors to be reported on Angelo's statement of financial position at 31 October.

Answer rating: 100% (QA)

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