The balance on ABC Co’s payables ledger control account is $63,108. The accountant at ABC Co has discovered that she has not recorded:
A settlement discount of $108 received from a supplier; and
A supplier’s invoice for $1,244.
What amount should be reported for payables on ABC Co’s statement of financial position?
Answer
| Balance per ledger | $63,108 |
| Discount | ($108) |
| Invoice | $1,244 |
| Corrected balance | $64,244 |