Question: 33.4 Which of the following errors should be identified by performing a receivables control account reconciliation? A A sales invoice of $500 has been omitted

33.4 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 daybook.

B A sales return of $45 was entered as $54 in the sales returns daybook.

C Purchases of $72 were entered as sales returns in the sales returns daybook and the individual account.

D The total of the sales daybook was miscast by $200.

(2 marks)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Financial Reporting Questions!

Q:

The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a commission basis, to sell...

Q:

Write an engagement letter of no more than 1,050 words for a Section 404 audit of Apollo Shoes. Assume that Apollo Shoes is a publicly traded company for which the SEC requires an audit of internal...

Q:

RECEIVABLES CONTROL ACCOUNT RECONCILIATION Hercules Ltd. sells bathroom fittings on credit to most of its customers. In order to control its debt collection system, the company maintains a trade...

Q:

After calculating net profit for the year ended 31 March 2012 WL extracted the Trial Balance which failed to balance and the difference was placed in a Suspense account. Further inquiries were then...

Q:

ALL 20 questions are compulsory and MUST be attempted State your reasons for choosing your answer, example: 1. Answer A, accounting involves recording of all financial transactions. Each question is...

Q:

can someone please answer these questions asap 1.Which of the following is an example of capital expenditure? a) Paying for refurbishment as part of upgrading a building b) Paying carriage outwards...

Q:

can someone please answer these questions i need it back asap to submit my scores 2. Vic's receivables ledger balances total $50,000 which does not agree with his trade receivables control account....

Q:

can someone olease answer all these questions its urgent please 1.Which of the following is an example of capital expenditure? a) Paying for refurbishment as part of upgrading a building b) Paying...

Q:

You are carrying out a reconciliation between the balance on the trade receivables control account (which is $64,969) and the total of the list of the balances on the customers' personal accounts...

Q:

You are carrying out a reconciliation between the balance on the trade receivables control account (which is $64,969) and the total of the list of the balances on the customers' personal accounts...

Q:

There are external and internal users of accounting information. Which of the following will be considered as an external user of accounting information for Gizmo Traders? (a) Employees, investors...

Q:

On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting...

Q:

J&M provide the following budgeted expenses for producing 10,000 units of a toy, the following are the budgeted expenses: $ (Per Unit) Direct material...............................30.00 Direct...

Q:

Which of the following are the primary assumptions used in a retirement needs analysis? 1 . the anticipated annual rate of inflation, 2 . the projected total rate of annual investment return, 3 . the...

Q:

What are diseconomies of scale? What are the risks of large-scale technological investments, especially to large FIs? Why are small FIs willing to outsource production to large FIs against which they...