The following receivables ledger control account prepared by a trainee accountant contains a number of errors:
receivables ledger control account
$
Balance
614,000
Credit sales
301,000
Cash from credit customers
311,000
Discounts allowed
3,400
Contras against amounts due to suppliers in payables ledger
8,650
Irrecoverable debts written off
32,000
Interest charged on overdue accounts
1,600
595,650
933,650
What should the closing balance on the control account be after the errors in it have been corrected?
$________
The correct answer is: $561,550
Opening balance
Cash from customers
Irrecoverable debts written
off
Contras
Closing balance
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