Correct balance on receivables ledger control account ( video below)
A receivables ledger control account had a closing balance of $2,125. It contained a contra to the payables ledger of $100, but this had been entered on the wrong side of the control account.
What should be the correct balance on the control account?
Answer
$2,125 – (2 x $100) = $1,925
Note: if you cannot see any videos above, please click this link @ https://youtu.be/mfusDh2SDDk