An inexperienced bookkeeper has drawn up the following receivables ledger control account:
RECEIVABLES LEDGER CONTROL ACCOUNT
$
Opening balance
180,000
Credit sales
190,000
Cash from credit customers
228,000
Irrecoverable debts written off
1,500
Sales returns
8,000
Contras against payables
2,400
Cash refunds to credit customers
3,300
Closing balance (balancing figure)
229,600
Discount allowed
4,200
423,500
What should the closing balance be after correcting the errors made in preparing the account?
$________
The correct answer is: $129,200
Cash refunds
Contras
Closing balance
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