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reconciling payables control account to payables ledger:
1)A suppliers credit note was incorrectly recorded in the daybook as an invoice.
2)No entries were made to record an arrangement to offset a balance pf $620 against balance in the receivables ledger.
which of the above errors require correction in the control account?
#my ans:none of the above
kit ans:both!!
#I think 1)does not need any correction.
2)get confused by the recevables ledger,I thought it has entered in control account not receivables ledger..
please explain sir1) does need correction. It is the total of the daybook that is entered in the control account. If something was recorded wrongly in the daybook then the total is wrong and therefore so is the control account.
2) needs entering in both the receivables ledger and in the control account.
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