Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks.
The total of the list of balances in Valley’s payables ledger was $438,900 at 30 June 20X6. This balance did not
agree with Valley’s payables ledger control account balance. The following errors were discovered:
(1) A contra entry of $980 was recorded in the payables ledger control account, but not in the payables ledger.
(2) The total of the purchase returns daybook was undercast by $1,000.
(3) An invoice for $4,344 was posted to the supplier’s account as $4,434.
What amount should Valley report in its statement of financial position for accounts payable at 30 June 20X6?
A $436,830
B $438,010
C $439,790
D $437,830
Answer:
D
$
Balance per ledger 438,900
Less contra (980)
Posting error (90)
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Corrected balance 437,830
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