ACCA · Question 16 · Supplier Statement Reconciliation
A company's payables ledger control account shows a balance of $85,000. A supplier statement from SteelWorks Ltd shows a balance due of $12,500, but the company's individual ledger account for SteelWorks Ltd shows a balance of $10,000. The difference is due to a payment of $2,500 made by the company on 30 December, which SteelWorks Ltd did not receive until 4 January. What adjustment is required to the company's payables ledger control account?
Answer options:
Debit the control account by $2,500.
Credit the control account by $2,500.
No adjustment is required.
Debit the control account by $12,500.
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