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?

Answer rating: 100% (QA)

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