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PAYABLES LEDGER CONTROL ACCOUNT 24 %24 Opening balance (amounts owed to suppliers) Cash paid to suppliers Purchases returns Refunds received from suppliers Purchases 1,268,600 318,600 1,364,300 41,200 2,700 $1,726,800 Contras against debit balances in receivables ledger Discounts received 48,000 8,200 402,000 $1,726,800 Closing balance All items relate to credit purchases. What should the closing balance be when all the errors are corrected? $128,200 $509,000 C $224,200 A $144.600

PAYABLES LEDGER CONTROL ACCOUNT 24 %24 Opening balance (amounts owed to suppliers) Cash paid to suppliers Purchases returns Refunds received from suppliers Purchases 1,268,600 318,600 1,364,300 41,200 2,700 $1,726,800 Contras against debit balances in receivables ledger Discounts received 48,000 8,200 402,000 $1,726,800 Closing balance All items relate to credit purchases. What should the closing balance be when all the errors are corrected? $128,200 $509,000 C $224,200 A $144.600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Juur ledge 15.7 The payables ledger control account below contains a number of errors: PAYABLES LEDGER CONTROL ACCOUNT ed for. (2 man 24 %24 1,268,600 Purchases During October to suppliers, e $68,900. Opening balance (amounts owed to suppliers) Cash paid to suppliers Purchases returns Refunds received from suppliers 318,600 1,364,300 41,200 2,700 $1,726,800 Contras against debit balances in receivables ledger Discounts received 48,000 8,200 402,000 $1,726,800 Closing balance All items relate to credit purchases. What should the closing balance be when all the errors are corrected? $128,200 B $509,000 C $224,20O $144,600 (2 man ontra to the count.
Transcribed Image Text:Juur ledge 15.7 The payables ledger control account below contains a number of errors: PAYABLES LEDGER CONTROL ACCOUNT ed for. (2 man 24 %24 1,268,600 Purchases During October to suppliers, e $68,900. Opening balance (amounts owed to suppliers) Cash paid to suppliers Purchases returns Refunds received from suppliers 318,600 1,364,300 41,200 2,700 $1,726,800 Contras against debit balances in receivables ledger Discounts received 48,000 8,200 402,000 $1,726,800 Closing balance All items relate to credit purchases. What should the closing balance be when all the errors are corrected? $128,200 B $509,000 C $224,20O $144,600 (2 man ontra to the count.
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