1. The company’s accounts receivable ledgercontrol account has the following balances:

                                                $

Opening balance at 1 January 20X7             46,120

Closing balance at 31 January 20X7            54,560

Credit sales                                123,660

Settlement discount allowed                   5,840

What cash was received from credit customersduring January?

 

A. 109,380

B. 121,060

C. 163,940

D. 158,100

 

Answer：A

 

2. Which of the following items could appear onthe Debit side of a receivablesledger control account?

 

1)    Cashsales

2) Dishonored cheque

3)    Increasein allowance for receivables

4)    Discountsallowed

5)    Cashreceived from customers

6)    Creditsfor goods returned by customers

7)    Cashrefunds to customers

 

A. 1, 3, 4

B. 2, 5,

C. 2, 7

D. 4,6,7

 

Answer：C

 

3.

 

 

What should be the balance on the accountspayable control account at 31 December 20X6 after any necessary corrections?

 

A. 295,000

B. 263,000

C. 691,400

D. 374,800

 

Answer：D