Question

Payment of $99 for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period. This was recorded with a debit to Sales Discounts for $1, a debit to Cash for $99, and a credit to Accounts Receivable for $100, but no mention was made of the subsidiary ledger account. This error will cause the

Answer 1

The error will be the :- control account to not agree with subsidiary ledger because the error says no adjustment were made to the subsidiary ledger account for the transaction.