This F3 Control Accounts quiz assesses understanding of payables ledger control accounts, including error corrections and reconciliations. It tests skills crucial for accounting accuracy and financial compliance, making it relevant for students and professionals in accounting.
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$14,800 cash paid to a supplier was entered on the credit side of the supplier’s account in the payables ledger.
The total of discounts allowed $31,300 was recorded as a debit entry in the payables ledger control account instead of the correct figure for discounts received of $16,500.
The total of discounts received $7,400 has been entered on the credit side of the payables ledger control account.
A contra against a receivables ledger debit balance of $7,400 has been entered on the credit side of the payables ledger control account.
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