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When credit balance is mistakenly treated as debit balance in customer account what effect does it has on list of balances and are customer accounts and list of balances the same thing and what do we mean when we say we are reducing total balance in list of balances
The list of balances will be too high by two times the amount of the balance treated wrongly.
If we are reducing the total of the list of balances then we are reducing the total – presumably because there was a mistake somewhere.
The list of balances is the list of the balances in the receivables ledger where there is an account for each individual customer.
All of this is explained in my free lectures on Books of Prime Entry and on Control Accounts.
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