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Hi Mr John ….
Three things : Sales day book , receivable ledger and receivables control account..
Receivable control account is just total of sales day book …Question: Which of the following errors should be identified by performing a receivables control account reconciliation :
A) A sales invoice of $500 has been omitted from the sales day book.
B)A sales return of $45 was entered as $54 in the sales returns day book
C) Purchases of $72 were entered as sales returns in the sales returns day book and the individual account.
D) The total of the sales day book was miscast by $200.I strongly believe all of them are true except for C…
Only D is true, because it is totals from the day book that are entered in the control account. In the ledger each individual item is entered.
The other three are not true because the individual items are wrong (and therefore the ledger) and also the total of the books will be wrong (and therefore the control account).You need to watch our free lectures on Books of Prime Entry.
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