Solution for QID #678: The following control account has been prepared by a trainee | StudyHelpMe

The following control account has been prepared by a trainee accountant:Receivables ledger control account$ $Opening balance 308,600 Cash 147,200Credit sales 154,200 Discounts allowed 1,400Cash sales 88,100 Interest charged on overdue accounts 2,400Contras 4,600 Irrecoverable debts 4,900Allowance for receivables 2,800Closing balance 396,800–––––––– ––––––––555,500 555,500–––––––– ––––––––What should the closing balance be when all the errors made in preparing the receivables ledger control account have been corrected?